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Technical Analysis
Daily Technical analysis
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[QUOTE="Martin Kay, post: 57188, member: 25911"] [b]EUR/USD DAILY as of Thursday, 09 January, 2014[/b] [B]*** Intra-Daily Trading Strategy: BUY Euro Dollar / US Dollar Buy Target: 1.3579 Buy Stop: 1.3560 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 27 white candles versus 23 black candles with a net of 4 white 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 5 period(s) ago. Since the MACD crossed the MACD moving average, Euro Dollar / US Dollar's price has decreased 0.67%, and has been fluctuating from a high of 1.377 to a low of 1.355. MACD is currently not Overbought or Oversold and there are no divergence signals during the last 5 periods. Stochastic Oscillator is currently below 20. This is an indication of an "oversold" condition. Directional Movement Indicators (DMI) currently is not indicating any specific price direction. SAR signal was a Sell 5 period(s) ago. The close is currently ABOVE its 200 daily moving average BELOW its 50 daily moving average BELOW its 20 daily moving average The current market condition for Euro Dollar / US Dollar is Mildly Bullish Euro Dollar / US Dollar closed above the lower Bollinger Band by 8.6%. Bollinger Bands are 32.61% narrower than normal. The current width of the Bollinger Bands (alone) does not suggest anything conclusive about the future volatility or movement of prices. Elliott Waves High Volatility has detected a possible point 4 of a WolfWave (21%) pattern for Euro Dollar / US Dollar. This pattern is an expanding triangle and trades from the next point. When the peak or trough will form, usually after crossing or touching the extended line of points 1 and 3, the price will move in the opposite direction towards the target line formed by the extension of points 2 and 4. An Inside Day Narrow Range was detected by your Elliott Waves High Volatility on 09/01/14. This is usually a trade set-up opportunity. Elliott Waves High Volatility has detected an Isolated Low at 1.36 one bar ago ; this is usually a bullish sign that is not to be used alone! The present wave patterns are: fast amplitude (8%): bullish wave 1 moderate amplitude (13%): bullish wave 3 Euro Dollar / US Dollar is long term Bullish as the 144 days moving average of 1.35 is increasing. The Relative Strength Index is at 42.04 in the neutral territory. The Relative Momentum Index is at 42.63 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at -0.00, in negative territory; this is a bearish sign. An equally important indicator, the STORSI is at 5.28. This value is in the oversold territory. [B]Overall, the bias in prices is: Sideways. Short term: Prices are stalling. Intermediate term: Prices are ranging.[/B] [/QUOTE]
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