EURUSD July 2013

In this analysis, we are going to investigate the upcoming course of EURUSD by presenting and analyze TCI technical results for the upcoming weeks. Furthermore, all the important upcoming news are presented in individual tables regarding EUR, USD, GBP, JPY, CAD, CHF, AUD, and NZD. In overall it seems that EURUSD has entered an overbought area but the time of the downtrend reversal cannot be identified yet. Before we continue here is a glance at our previous report for EURUSD, GBPUSD, and USDJPY, here are some details.

 

In our Previous Report we have stated that the US Dollar is expected to be strong in the long-run, but also we said that the major USD crosses (EUR, GBP, and JPY) will have to correct as they had already reached oversold levels. These corrections were expected to occur after some weeks, Actually, they happened much faster due to the speech of FED’s chairman. Of course by that time EURUSD has reached the strong support of 1.2750 as we can see at the following chart. The Long-term forecast remains the same and we expect the US Dollar to become stronger in the future, especially as concerns EURUSD.

EURUSD -What Should We Expect Next

The most possible scenario is that after a downtrend correction of a couple of days, the EURUSD will try to reach a new high. Either it will be able to form a new high -Either not the EURUSD may be seen as overbought. But of course, this is just the natural course of technical analysis. Important news regarding the EURO and the US Dollar may alter this technical picture. All the important upcoming news regarding EURUSD are presented at the end of this report. Here is an MT4 chart for EURUSD (plus RSI and Moving Average 50 days).

Chart: EURUSD, Moving Average 50 days and RSI (14)

EURUSD MT4 Chart

Current TCI Technical Analysis on EURUSD

TCI does not form a clear picture about what is about to happen as concerns EURUSD. Both TCI-Short and TCI-Long indicate that EURUSD has entered an overbought price area. But if we take a look to both TCI-Short and TCI-Long Historic Chart (2009-2013) we can see that the current overbought indications are not excessive.

Here are the EURUSD TCI indications regarding the upcoming weeks.

{slider=TCI Table on EURUSD}

Date Close High Low Close % TCI-SHORT TCI-LONG
2013.07.18 1.31073 1.31265 1.30662 -0.12% 0.10% 4.06%
2013.07.19 1.31405 1.31528 1.30885 0.25% 1.00% 7.72%
2013.07.22 1.31839 1.32172 1.31346 0.33% 1.22% 9.25%
2013.07.23 1.32207 1.32379 1.31627 0.28% 1.23% 11.40%
2013.07.24 1.31985 1.32553 1.31763 -0.17% 1.09% 11.35%
2013.07.25 1.32758 1.32951 1.31649 0.58% 1.91% 15.91%
2013.07.26 1.32769 1.3296 1.32519 0.01% 1.90% 15.63%

(+1 Trading day Forecast)

Possible Correctional Downtrend 1.54% 16.89%
(+2 days)         1.05% 15.12%
(+3 days)   Possible New Uptrend 1.65% 13.03%
(+4 days)         1.56% 11.85%
(+5 days)         1.99% 12.23%
(+6 days)         2.21% 12.76%
(+7 days)         2.20% 11.09%
(+8 days)   High 2.62% 9.80%
(+9 days)   Possible Correctional Downtrend 1.99% 9.88%
(+10 days)         1.89% 9.15%
(+11 days)         1.74% 9.54%
(+12 days)         1.92% 8.55%
(+13 days)   Possible New Uptrend 1.52% 6.05%
(+14 days)         1.95% 6.48%
(+15 days)   High 2.26% 4.56%
(+16 days)       2.01% 5.00%
(+17 days)   High 2.29% 4.18%
(+18 days)   Possible Downtrend Begins 1.41% 2.53%
(+10 days)         1.12% 2.26%
(+20 days)         0.96% 3.16%

 

TCI Historic Chart on EURUSD (2009-2013)

The following chart incorporates historic indications of TCI on EURUSD for the period 2009-2013. The charts are presented in an order that we may identify the historic range of overbought and oversold indications. As concerns TCI Long the historic point +40% has indicated great reversals. As concerns TCI short the point +10% and above indicates clearly overbought levels for EURUSD.

Chart: TCI on EURUSD (2009-2013)

TCI Free Forex Trading Signals

 

 

G. Protonotarios

EURUSD Technical Analysis Report, News and TCI Free Forex Signals

Trading Center, July 27th, 2013

 

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