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Discussion in 'Technical Analysis' started by primetrader, Aug 18, 2013.

  1. primetrader

    primetrader New Member

    Jul 21, 2013
    Likes Received:
    Japanese Candlestick
    Black Body has formed as prices closed lower than the open.
    The past 10 candlesticks there are 5 white candles and 5 black candles .
    The past 50 candlesticks there are 26 white candles and 23 black candles with a net of 3 white candles.Long Lower Shadow has formed which is bullish particularly near low price, at support, or when asset is oversold.Spinning Top has formed with a small real body. Spinning tops have little price action defined by the difference between open and close. During a rally or near new highs, a spinning top is a sign that prices are losing momentum and the bulls are in trouble.
    No SAR signals triggered this week. SAR triggered a Buy signal 2 period(s) Ago.
    Trend Analysis
    EURUSD prices close
    HIGHER than the 200 Moving Average
    HIGHER than the 50 Moving Average
    HIGHER than the 20 Moving Average
    The current trend for Euro Dollar / US Dollar is Extremely Bullish. Euro Dollar / US Dollar appears to be locked in a trading range bounded by upside resistance around 1.49 and downside support around 1.21.
    Bollinger Band
    Euro Dollar / US Dollar closed below the upper Bollinger Band by 13.3%. Bollinger Bands are 53.06% narrower than normal. The narrow width of the Bollinger Bands suggests low volatility as compared to Euro Dollar / US Dollar's normal range. Therefore, the probability of volatility increasing with a sharp price move has increased for the near-term. The Bollinger Bands have been in this narrow range for 9 period(s). The probability of a significant price move increases the longer the Bollinger Bands remain in this narrow range.
    Euro Dollar / US Dollar is long term Bearish as the 144 days moving average of 1.32 is decreasing. The Relative Strength Index is at 57.12 in the neutral territory. The Relative Momentum Index is at 61.32 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 0.01, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 85.41. This value is in the overbought territory.
    Overall, the bias in prices is: Upwards.
    Short term: Prices are stalling.
    Intermediate term: Prices are ranging.
    By the way, prices are vulnerable to a correction towards 1.31.
    Technical Outlook
    Short Term:Overbought
    Intermediate Term:Bullish
    Long Term:Bearish


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