Euro: USD/EUR (EUR=X) tumbles into potential wider retracement
EUR/USD fell below the $1.1422 mark, seemingly paving the way for a wider retracement for the pair.
The break through $1.15 last week sparked a rise in the likeliness of an upside surge after this pullback. Despite us currently having broken into a lower low, we saw something similar in late December which ultimately turned out to be a retracement of the wider rally from $1.127. As such, this is expected to be a similar situation, with the pair likely to find support before long.
Look out for the 76.4% retracement level ($1.1364) as a potential reversal point. A break below $1.1301 would be required to negate the uptrend that is currently in play.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 1.15.
The projected upper bound is: 1.15.
The projected lower bound is: 1.12.
The projected closing price is: 1.14.
During the past 10 bars, there have been 4 white candles and 5 black candles for a net of 1 black candles. During the past 50 bars, there have been 27 white candles and 22 black candles for a net of 5 white candles.
A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.
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 14.0794. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 5 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 47.55. 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 110 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 -79. This is not a topping or bottoming area. The last signal was a sell 4 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 1 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed down -0.000 at 1.139. Volume was 97% below average (consolidating) and Bollinger Bands were 14% narrower than normal.
Open High Low Close Volume___
1.139 1.140 1.139 1.139 4,077
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.14 1.14 1.16
Volatility: 8 9 8
Volume: 128,955 139,968 140,168
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 1.8% below its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of EUR= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on EUR= and have had this outlook for the last 30 periods.
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