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26 Feb 2014
Flash: Indecision and potential trend changes - FXStreet
FXStreet (Barcelona) - Goncalo Moreira CMT, FXStreet Technical Analyst notes that there haven't been any glaring moves in EUR/USD which is showing lack of definition with a lot of responsive trading around the 1.3750.
Key Quotes
“Nevertheless, Euro's Bullish Percentage Index is the mirror image of a still operative trend. As of yesterday, 68% of its components pairs were in bullish mode.”
“Indicating uncertainty about the prevailing trend is the Sterling BPI which deteriorated to 50% from the vibrant 100% achieved two weeks ago. With a further decline in the next days, the probabilities would be skewed for an extended downside reaction.”
“As expected last week, the Yen BPI converged to the center levels but it needs to hurdle the 70% to be burdened of the negativity hindering it from appreciating.”
“The USD bullish percentage index gained some ground as well but flattened around 50% for five consecutive days, the critical point of trend change.”
Key Quotes
“Nevertheless, Euro's Bullish Percentage Index is the mirror image of a still operative trend. As of yesterday, 68% of its components pairs were in bullish mode.”
“Indicating uncertainty about the prevailing trend is the Sterling BPI which deteriorated to 50% from the vibrant 100% achieved two weeks ago. With a further decline in the next days, the probabilities would be skewed for an extended downside reaction.”
“As expected last week, the Yen BPI converged to the center levels but it needs to hurdle the 70% to be burdened of the negativity hindering it from appreciating.”
“The USD bullish percentage index gained some ground as well but flattened around 50% for five consecutive days, the critical point of trend change.”