The TrainFactory price analysis is based on the chart below at the time of the study. The TrainFactory team prepares the daily research. Barry Norman is the lead financial analyst, along with John Roman. The team uses support and resistance levels, trendlines, 20 periods EMA and MACD to determine.
The TrainFactory outlook and analysis are based on the chart below.
The EURUSD is trading at 1.2146, remaining in a tight range with both dollar and euro weakness. The primary trend is down according to the daily swing chart, but momentum is trending higher. The primary trend will change to up on a trade through the next swing top at 1.2190. A trade through 1.1952 will signal a resumption of the downtrend. The pair faced rejection at 1.2180 and failed to keep gains above the neckline hurdle, forming an indecisive Doji candle on the chart. The pattern has established 1.2135 (Tuesday’s low) as the level to defend for the bulls.
The minor trend is up. It changed to up earlier today when buyers took out 1.2170. This shifted momentum to the upside. A trade through 1.2023 will reverse the minor trend to down.
A jump over 1.2151 will indicate the presence of buyers. The first two upside targets are 1.2190 to 1.2197. The latter is a potential trigger point for an acceleration to the upside. A move under 1.2151 will signal the presence of sellers. This is a possible trigger point for a move to 1.2074.
Oscillators & Indicators
Relative Strength Index (14) 52.83517 Neutral
Stochastic %K (14, 3, 3) 40.12739 Neutral
Average Directional Index (14) 15.97819 Neutral
Momentum (10) Buy
MACD Level (12, 26) Sell