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Momentum Scorecard: EUR/USD Intraday Bias Remains Skewed Higher

Momentum Scorecard: EUR/USD Intraday Bias Remains Skewed Higher

Christopher Vecchio, CFA, Senior Strategist
Momentum_Scorecard_EURUSD_Intraday_Bias_Remains_Skewed_Higher_body_Picture_1.png, Momentum Scorecard: EUR/USD Intraday Bias Remains Skewed Higher

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Momentum_Scorecard_EURUSD_Intraday_Bias_Remains_Skewed_Higher_body_x0000_i1028.png, Momentum Scorecard: EUR/USD Intraday Bias Remains Skewed Higher

- The Euro’s momentum has cooled since Monday, although it remains well-supported against the US Dollar; the EURUSD has a score of +3.14.

- The EURUSD may be breaking out of a Symmetrical Triangle consolidation amidst a Bull Flag, which I noted yesterday in the DailyFX Real Time News feed could see the pair trade into 1.3256/71 before pausing on the way towards 1.3415/44.

- Today, the pair has peaked at 1.3254, but the sustained uptrend in price despite consolidation/pullback in the H4 Slow Stochastics suggests that dips should be bought.

- The H4 ascending channel that has guided price since the July 18 low remains in place; 1.3200/05 is support; failure could see price down to 1.3157 (38.2% Fib April low to June high).

Read more: Euro Stability in the Face of Financial Trouble a Sign of Strength?

*Trend definitions: “uptrend” is defined as 8-MA>21-MA>55-MA; “downtrend” is defined as 8-MA<21-MA<55-MA; a “trendless” market occurs when continuity is absent.

*Scoring methodology: there are seven time frames, ascending from m15 (15-minutes) to W1 (one-week). In ascending order, each pair is assigned a value from -7 to +7 based on the trend apparent on the specified time frame (I.E. a m15 uptrend equals +1, whereas a H1 downtrend equals -3). If neither an uptrend nor downtrend is present, the trendless timeframe receives a score of 0. These points are totaled and the average is reported on the right. The strongest uptrend would achieve a score of +4.00, while the strongest downtrend would achieve a score of -4.00.

--- Written by Christopher Vecchio, Currency Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.