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Technical Analysis
Daily Technical analysis
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[QUOTE="Martin Kay, post: 50730, member: 25911"] [b]EUR/USD DAILY as of Wednesday, 21 August, 2013[/b] [B]*** Intra-Daily Trading Strategy: SELL Euro Dollar / US Dollar Sell Target: 1.3417 Sell Stop: 1.3432 Enter New SELL on OPEN and exit SELL positions at Target price or at Stop price. (NOTE: Adjust Stop Loss Price according to your trading risk.) Do not reverse after exiting. This is a recommendation for INTRA-DAY TRADING only!!!!![/B] A white body has formed as prices closed higher than open. The previous 10 candlestick bars, there are 5 white candles versus 5 black candles. The previous 50 candlestick bars, there are 25 white candles versus 25 black candles. A spinning top has formed which 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.Three white candles has formed during the last three bars. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.MACD is BULLISH as the MACD is above the signal line. The MACD crossed above the signal line 1 period(s) ago. Since the MACD crossed the MACD moving average, Euro Dollar / US Dollar's price has increased 0.04%, and has been fluctuating from a high of 1.345 to a low of 1.332. The Stochastic Oscillator is currently above 80. This is an indication of an "overbought" condition. The price of Euro Dollar / US Dollar has set a new 14-period high while the RSI has not. This is a BEARISH DIVERGENCE. SAR signal was a Buy 1 period(s) Ago. The close is currently ABOVE its 200 daily moving average ABOVE its 50 daily moving average ABOVE its 20 daily moving average The current market condition for Euro Dollar / US Dollar is Very Bullish Euro Dollar / US Dollar closed above the upper Bollinger Band by 3.7%. Although prices have broken the upper Bollinger Band and an upside breakout is possible, the most likely scenario is for the current trading range that Euro Dollar / US Dollar is in to continue. Bollinger Bands are 50.62% 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 5 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 currently 2.3% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect very strong flows of volume into EURUSD (bullish). Trend forecasting oscillators are currently bullish on EURUSD and have had this outlook for the last 19 periods. The price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence. [B]Overall, the bias in prices is: Upwards. Short term: Prices are stalling. Intermediate term: Prices are ranging.[/B] [/QUOTE]
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