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Technical Analysis
Daily Technical analysis
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[QUOTE="Martin Kay, post: 51532, member: 25911"] [b]EUR/GBP DAILY as of Wednesday, 04 September, 2013[/b] [B]*** Intra-Daily Trading Strategy: BUY Euro Dollar / British Pound Buy Target: 0.8465 Buy Stop: 0.8452 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 3 white candles versus 7 black candles with a net of 4 black candles. The previous 50 candlestick bars, there are 24 white candles versus 26 black candles with a net of 2 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 black candles has formed during the last three bars. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish. MACD is BEARISH as the MACD is below the signal line. The MACD crossed below the signal line 4 period(s) ago. Since the MACD crossed the MACD moving average, Euro Dollar / British Pound's price has decreased 0.91%, and has been fluctuating from a high of 0.859 to a low of 0.845. The Stochastic Oscillator is currently below 20. This is an indication an "oversold" condition. Stochastic signal was a Buy 9 Period(s) Ago. The RSI has just reached its lowest value in the last 14 period(s). This is BEARISH signal. Currently, the Momentum Oscillator does not show an overbought or oversold condition. The Directional Movement Indicators (DMI) currently is not indicating a specific price direction should not initiate any trades right now. SAR signal was a Sell 2 period(s) ago. The close is currently BELOW its 200 daily moving average BELOW its 50 daily moving average BELOW its 20 daily moving average The current market condition for Euro Dollar / British Pound is Very Bearish. Euro Dollar / British Pound appears to be locked in a trading range bounded by upside resistance around 0.88 and downside support around 0.84. Euro Dollar / British Pound closed below the lower Bollinger Band by 0.8%. This combined with the steep downtrend suggests that the downward trend in prices has a good chance of continuing. However, a short-term pull-back inside the bands is likely. Bollinger Bands are 20.33% narrower than normal. The current width of the Bollinger Bands (alone) does not suggest anything conclusive about the future volatility or movement of prices. [B]Overall, the bias in prices is: Downwards. Short term: Prices are stalling. Intermediate term: Prices are ranging.[/B] [/QUOTE]
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