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Technical Analysis
Daily Technical analysis
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[QUOTE="Martin Kay, post: 51261, member: 25911"] [B]EUR/USD DAILY as of Thursday, 29 August, 2013 *** Intra-Daily Trading Strategy: BUY Euro Dollar / US Dollar Buy Target: 1.3336 Buy Stop: 1.3310 Enter New BUY on OPEN and exit BUY 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 black body has formed as prices closed lower than open. The previous 10 candlestick bars, there are 5 white candles versus 5 black candles. The previous 50 candlestick bars, there are 24 white candles versus 26 black candles with a net of 2 black candles. MACD is BEARISH as the MACD is below the signal line. The MACD crossed below the signal line 5 period(s) ago. Since the MACD crossed the MACD moving average, Euro Dollar / US Dollar's price has decreased 0.18%, and has been fluctuating from a high of 1.341 to a low of 1.330. The RSI has just reached its lowest value in the last 14 period(s). This is BEARISH signal.The RSI has set a new 14-period low while the price of Euro Dollar / US Dollar has not. This is a BEARISH DIVERGENCE. SAR signal was a Buy 7 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. The most recently confirmed up trendline for Euro Dollar / US Dollar has an ending point currently at 1.28. Expect prices to have some difficulty falling below this trendline. A break below this trendline would be a bearish sign. Euro Dollar / US Dollar closed above the lower Bollinger Band by 45.4%. Bollinger Bands are 59.08% 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 11 period(s). The probability of a significant price move increases the longer the Bollinger Bands remain in this narrow range. [B][U]Technical Outlook [/U][/B] Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish [/QUOTE]
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