Euro: USD/EUR (EUR=X) testing major support
The Euro continues to bounce around the physical and psychologically important 1.12 handle. This is a market that continues to bounce around in a larger consolidation area, so therefore we should be paying attention to the outer ranges.
The Euro has fallen rather hard during trading on Thursday, as we are reaching towards the crucial 1.12 handle. This is an area that has been very supportive recently, and currently it looks as if we are trying to find some type of footing. This is the bottom of a 300 point range that we have been trading in for some time, so it’s very likely that we will see a bit of interest down at this area. The last couple of days certainly has shown that, so the question is whether or not we can hold?
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 1.13.
The projected upper bound is: 1.13.
The projected lower bound is: 1.11.
The projected closing price is: 1.12.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 23 white candles and 25 black candles for a net of 2 black candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 58.0785. This is not an overbought or oversold reading. The last signal was a buy 2 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 40.46. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 166 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -63. This is not a topping or bottoming area. The last signal was a buy 2 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 7 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed up 0.000 at 1.122. Volume was 94% below average (consolidating) and Bollinger Bands were 20% wider than normal.
Open High Low Close Volume___
1.122 1.123 1.122 1.122 8,713
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.12 1.13 1.15
Volatility: 3 6 8
Volume: 126,013 143,546 141,648
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX EUR= is currently 2.1% below its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of EUR= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on EUR= and have had this outlook for the last 5 periods.
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