Euro: USD/EUR (EUR=X) trade sideways to stay near the 1.1500 level
EUR/USD has steadied on Monday, after posting considerable gains in the Friday session. Currently, the pair is trading at 1.1499, down 0.13% on the day. The sole event is the German Bundesbank monthly report. On Tuesday, Germany releases PPI and eurozone consumer confidence. There are no U.S releases on the schedule.
The euro ended the week with considerable gains, boosted by a strong eurozone current account and soft U.S housing numbers. Eurozone current account surplus climbed from EUR 21.3 billion to 23.9 billion, crushing the estimate of EUR 21.4 billion. This marked a 4-month high. In the U.S, Existing Home Sales slipped t0 5.15 million, down from 5.34 million a month earlier. This was the smallest lowest existing home sales level since November 2015. The increase in interest rates has led to higher mortgage rates, which has dampened home sales. U.S construction numbers were soft earlier in the week, as Building Permits and Housing Starts both missed their estimates.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 1.16.
The projected upper bound is: 1.16.
The projected lower bound is: 1.13.
The projected closing price is: 1.15.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 white 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 22.3826. This is not an overbought or oversold reading. The last signal was a buy 0 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 41.02. 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 47 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 -66. 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 2 period(s) ago.
Rex Takasugi – TD Profile
FOREX EUR= closed down -0.004 at 1.147. Volume was 23% below average (neutral) and Bollinger Bands were 5% wider than normal.
Open High Low Close Volume___
1.151 1.155 1.145 1.147 108,161
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.15 1.16 1.19
Volatility: 8 8 8
Volume: 130,157 134,245 139,149
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 3.7% below its 200-period moving average and is in an downward trend. Volatility is relatively normal 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 13 periods.