The Greedy Trader Weekly Analysis
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Downtrend Resistance
Downtrend Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Downtrend Resistance stock alert indicates that price is near long-term resistance trendline and probability of short-term trend reversal is high.

The strategy is based on selling long (or taking short) position on downtrend testing resistance. The strategy has low to medium risk and average reword.

Downtrend Resistance

Archive
- 3/15/2024 -
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Euro Currency Trust (FXE) Technical Analysis

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Summary:
Weekly :Weekly  MACD line has moved above its signal line
Daily :Stochastic has declined below the signal lineThe price has risen above the Parabolic SARThe price is close to the moving average in the center of the Bollinger BandsPrice is close to the 50 Day Moving Average
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It was the negative week for the Euro Currency Trust (FXE). During the week, the FXE gave back -0.42 points, or -0.42%, and closed at 100.57 on Friday, March 15, 2024. Weekly volume was -60% below average.

Long-term trend: [See FXE long-term trend chart]
A long-term downtrend had started on January 25, 2018 at 120.65 and reached 88.39 on September 27, 2022. FXE lost 32.26 points, or 26.74%, in 243 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 81.29 and resistance is at 110.68. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a long-term trend.

Medium-term trend: [See FXE medium-term trend chart]
A medium-term uptrend had started on February 13, 2024 at 98.83 and reached 101.22 on March 13, 2024. FXE gained -2.39 points, or -2.42%, in 4 weeks. The price is now at the 27.20% retracement level.

Weekly Technical Indicators: [See FXE weekly technical indicators chart]
Weekly technical indicators are neutral.

During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. Use the following link to access a MACD help.

Short-term trend: [See FXE short-term trend chart]
A short-term downtrend had started on March 13, 2024 at 101.22 and reached 100.51 on March 14, 2024. FXE lost 0.71 points, or 0.70%, in 1 days. The price is now at the 8.45% retracement level.

Daily Technical Indicators: [See FXE daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.

The daily MACD line is above its signal line since February 16, 2024. The distance between MACD and the signal line is low and getting smaller.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

The price is close to the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Price is close to the 50 Day Moving Average. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 55.91
Williams' Percentage Range (W%R) 36.60
Lane's Stochastic (%D-Slow) 67.84
Greed/Fear Indicator (GFI) 62.38
Moving Average Converg./Diverg. (MACD) 0.17
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 58.32
Williams' Percentage Range (W%R) 39.40
Lane's Stochastic (%D-Slow) 41.93
Greed/Fear Indicator (GFI) 50.52
Moving Average Converg./Diverg. (MACD) 0.19
Trading Signals
Description Value Chart
Yearly Trendline Resistance 110.68
Upper Bollinger Band 101.33
Daily Stochastic Crossing 100.95
Price 100.57
Parabolic System 100.45
20 Day Moving Average 100.35
50 Day Moving Average 100.25
Weekly Stochastic Crossing 100.02
Lower Bollinger Band 99.53
Yearly Trendline Support 81.29
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 101.22
High Date 03/13/2024
Low 100.51
Low Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 98.83
Low Date 02/13/2024
High 101.22
High Date 03/13/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 96.42
Low Date 10/03/2023
High 102.77
High Date 12/27/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 88.39
Low Date 09/27/2022
High 103.84
High Date 07/17/2023
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 110.68
Support 81.29
High 120.65
High Date 01/25/2018
Low 88.39
Low Date 09/27/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.