USD/EUR (EUR=X) holds to gains, consolidates above 1.1600
- EUR/USD rebounds after hitting fresh 1-year low.
- DXY retreats signaling a potential short-term top.
The EUR/USD pair consolidate daily gains during the US session, benefit by a weaker US dollar. The euro rebounded after falling to test May lows.
The pair started to recover after the Bank of England decision that boosted rate hike expectations. From the lows, EUR/USD rose more than a hundred pips and peaked at 1.1632. It pulled back finding support above 1.1600.
The euro is about to end the day near the highs, still within the range of the last five days, closer to the upper limit located around 1.1630/50.
The DXY hit a 1-year high but it was again rejected from above 95.00 and is about to end lower, far from the high. The move lower from the top could signal that short-term top is in place that could lead to corrective moves, supporting the recovery of EUR/USD.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 1.18.
The projected lower bound is: 1.14.
The projected closing price is: 1.16.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 39.6985. This is not an overbought or oversold reading. The last signal was a buy 1 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 40.02. 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 17 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 -60. This is not a topping or bottoming area. The last signal was a buy 1 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 3 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed up 0.001 at 1.161. Volume was 82% below average (consolidating) and Bollinger Bands were 5% narrower than normal.
Open High Low Close Volume___
1.160 1.162 1.160 1.161 23,869
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.16 1.19 1.20
Volatility: 12 9 9
Volume: 146,484 139,300 124,539
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 3.2% below its 200-period moving average and is in an downward 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 bearish on EUR= and have had this outlook for the last 2 periods.
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