Euro index #EXY #ECX #EURX - bullish on 1M TF
Euro index EXY is bullish on 1M TF according to momentum indicators.
EXY looks also bullish on 1D TF, but bearish on 1W TF.
In September I expect bottom formation and a bullish cross forming on MACD and WaveTrend oscillator.
%K line (blue) of StochRSI has already crossed above %D (red) which means that a buying signal has been generated on 1M TF.
StochRSI %D will move above 20 and more bullish momentum will build up which will start the next bullish cycle in EXY which could bring it to the next swing high to about €121 - 117 somewhere between Nov 2020 - May 2021.
If there is enough strength from the bulls this will lead to falling prices in commodities like oil, gold and silver (measured in EUR).
Commodities will start to raise again after mid of 2021 when EXY losses its strength again.
This should be considered in technical analysis of commodities.
EXY looks also bullish on 1D TF, but bearish on 1W TF.
In September I expect bottom formation and a bullish cross forming on MACD and WaveTrend oscillator.
%K line (blue) of StochRSI has already crossed above %D (red) which means that a buying signal has been generated on 1M TF.
StochRSI %D will move above 20 and more bullish momentum will build up which will start the next bullish cycle in EXY which could bring it to the next swing high to about €121 - 117 somewhere between Nov 2020 - May 2021.
If there is enough strength from the bulls this will lead to falling prices in commodities like oil, gold and silver (measured in EUR).
Commodities will start to raise again after mid of 2021 when EXY losses its strength again.
This should be considered in technical analysis of commodities.
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