USD/EUR (EUR=X) regains 1.1600 on USD-selling
The pair has now reverted the initial negative momentum and managed to attract some buying interest following a brief test of lows in the 1.1570/60 band.
The squeeze higher in spot is following a retreat in the greenback from session peaks beyond the critical 95.00 handle when tracked by the US Dollar Index(DXY) to the 94.85/80 band.
At the moment, the pair is losing 0.10% at 1.1597 and a breakdown of 1.1543 (low Jun.15) would target 1.1508 (2018 low May 29) en route to 1.1479 (low Jul.20 2017). On the flip side, the next hurdle aligns at 1.1617 (low Jun.1) seconded by 1.1698 (21-day sma) and finally 1.1714 (10-day sma).
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 black body occurred (because prices closed lower 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 long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
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 15.2580. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 6 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 37.84. 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 13 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 -118.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. 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 0 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed unchanged at 1.161. Volume was 14% below average (neutral) and Bollinger Bands were 12% narrower than normal.
Open High Low Close Volume___
1.161 1.162 1.156 1.161 116,628
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.17 1.19 1.20
Volatility: 13 9 9
Volume: 155,572 138,430 124,021
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 3.3% below its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 5 periods.