A Daily black body has formed (because prices closed lower than they opened).
For the past 10 Daily candlestick bars as of 20/06/2013, there are 5 white candles versus 4 black candles with a net of 1 white candles.
For the past 50 Daily candlestick bars as of 20/06/2013, there are 27 white candles versus 22 black candles with a net of 5 white candles.
A Daily doji star has formed (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.
MACD is currently BULLISH. The MACD is currently above the signal line and the MACD has cross above the signal line 1 period(s) ago. Since the MACD crossed the MACD moving average, Euro Dollar / British Pound's price has increased 0.02%, and has fluctuate from a high of 0.859 to a low of 0.854. The RSI has just reached its highest value in the last 14 period(s) which is BULLISH signal with SAR signal a Buy 2 period(s) ago.
The close is currently
ABOVE its 200 daily moving average
ABOVE its 50 daily moving average
ABOVE its 20 daily moving average
The current market condition for Euro Dollar / British Pound is Very Bullish
Euro Dollar / British Pound broke above the down trendline at 0.86, 1 day(s) ago. This is a bullish sign with the down trendline currently with an ending point at 0.86, providing downside support. Prices having risen 0.02% since the breakout, the validity of the breakout is questionable. The recent confirmed up trendline for Euro Dollar / British Pound has an ending point currently at 0.85. Expect prices to have some difficulty falling below this trendline. A break below this trendline (particularly on heavy trading) would be a bearish sign.
Euro Dollar / British Pound move below the upper Bollinger Band by 10.3%. Bollinger Bands are 45.67% narrower than normal. The narrow width of the Bollinger Bands suggests low volatility as compared to Euro Dollar / British Pound's normal range. Therefore, the probability of volatility increasing with a sharp price move has increased for the near-term. The Bollinger Bands have been in this narrow range for 4 period(s). The probability of a significant price move increases the longer the Bollinger Bands remain in this narrow range.
Please note that all wave counts are based on the high low price in this commentary! The present wave patterns are:
fast amplitude (8%): bullish wave 1
Euro Dollar / British Pound is long term Bullish as the 144 days moving average of 0.84 is increasing. The Relative Strength Index is at 62.85 in the neutral territory. The Relative Momentum Index is at 60.19 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 0.00, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 100.00. This value is in the overbought territory.
Elliott Waves High Volatility has detected a Gann Swing or Pullback that is usually a bullish pattern! It should be used with other indicators.
*** Intra-Daily Trading Strategy: SELL EURGBP
Sell Target: 0.8579
Sell Stop: 0.8595
Enter New SELL on OPEN and exit SELL positions at Target price or at Stop price.
(PLEASE TAKE NOTE: If necessary, adjust the Stop Loss Price according to your trading risk.)
Do not reverse after exiting as Trending & Anti-Trending mode are being used by this system.
This is a recommendation for INTRA-DAY TRADING only!!!!!