EURUSD closes higher for the 2nd day in a row
Euro/US Dollar (EURUSD) Technical Analysis Report for Jul 11, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, EURUSD ended Thursday at 1.1254 gaining 4 pips (0.04%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (EURUSD as at Jul 11, 2019):
Thursday's trading range has been 41 pips (0.36%), that's below the last trading month's daily average range of 55 pips. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EURUSD.
Two candlestick patterns are matching today's price action, the Gravestone Doji which is known as bearish pattern and one neutral pattern, the Doji.
After spiking up to 1.1286 during the day, the forex pair found resistance at the 20-day moving average at 1.1284. The last time this happened on May 21st, EURUSD lost -0.09% on the following trading day.
The Fiber shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Gravestone Doji" stand out. Its common bearish interpretation has been confirmed for EUR/USD. Out of 42 times, EURUSD closed lower 52.38% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 61.90% with an average market move of -0.62%.
With five out of the other six Major FX Pairs closing higher today, the ones that stand out on the positive side are NZDUSD gaining 0.29% and AUDUSD closing 0.22% higher. On the flipside the worst performer has been USDCAD closing -0.09% lower. Looking at the Minor FX Pairs and Crosses, the winners of the day have been NZDCHF surging 0.35% and USDTHB closing 0.35% higher. The worst performers of the day have been USDNOK tanking -0.47% and EURNOK closing -0.46% lower. Read more