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Technical Analysis
Daily Technical analysis
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[QUOTE="Martin Kay, post: 58067, member: 25911"] [b]EUR/GBP DAILY as of Thursday, 30 January, 2014[/b] [B]*** Intra-Daily Trading Strategy: SELL Euro Dollar / British Pound Sell Target: 0.8241 Sell Stop: 0.8258 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] Euro Dollar / British Pound broke below the downside support level of 0.83, 9 day(s) ago. This is a bearish sign. This previous support level of 0.83 now provide upside resistance. Prices having only declined 0.04% since the breakout. A black body has formed as prices closed lower than open. The previous 10 candlestick bars, there are 4 white candles versus 6 black candles with a net of 2 black candles. The previous 50 candlestick bars, there are 26 white candles versus 23 black candles with a net of 3 white candles. A long upper shadow has formed. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought). 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 / British Pound's price has decreased 0.04%, and has been fluctuating from a high of 0.825 to a low of 0.824 and MACD is currently not Overbought or Oversold. Directional Movement Indicators (DMI) currently is not indicating any specific price direction. SAR signal was a Sell 9 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 closed above the lower Bollinger Band by 34.6%. Bollinger Bands are 16.27% narrower than normal. The current width of the Bollinger Bands (alone) does not suggest anything conclusive about the future volatility or movement of prices. An Inside Day Narrow Range was detected by your Elliott Waves High Volatility on 30/01/14. This is usually a trade set-up opportunity. Elliott Waves High Volatility has detected an Isolated High at 0.83 one bar ago; this is usually a bearish sign that is not to be used alone! The present wave patterns are: fast amplitude (8%): bullish wave 1 Euro Dollar / British Pound is long term Bearish as the 144 days moving average of 0.84 is decreasing. The Relative Strength Index is at 44.68 in the neutral territory. The Relative Momentum Index is at 36.82 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 69.59. This value is in the neutral territory. [B]Overall, the bias in prices is: Downwards. Short term: Prices are stalling. Intermediate term: Prices are ranging.[/B] [/QUOTE]
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