CNH/EUR Currency Pair Forecast
CNH/EUR currency pair price down 0.228% on Friday
(Updated on May 31, 2024)
The CNH/EUR currency pair price fell by -0.228% on the last day (Friday, 31st May 2024) from 0.127€ to 0.127€. During the last trading day the currency pair fluctuated 0.734% from a day low at 0.127€ to a day high of 0.128€. The price has fallen in 5 of the last 10 days and is down by -0.08% for this period. Volume has increased on the last day by 2 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 50 thousand shares were bought and sold for approximately 6.34€ thousand.
The currency pair is at the lower part of a narrow and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at 0.127€ will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect CNH/EUR currency pair with a 90% probability to be traded between 0.127€ and 0.130€ at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CNHEUR Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, May 28, 2024, and so far it has risen 0.158%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The CNH/EUR currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at 0.127€ and 0.128€. A break-up above any of these levels will issue buy signals. CNH/EUR gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for CNH/EUR currency pair
CNH/EUR finds support from accumulated volume at 0.127€ and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved 0.0009€ between high and low, or 0.734%. For the last week the currency pair has had daily average volatility of 0.563%.
Our recommended stop-loss: 0.120€ (-5.21%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 37 days ago.)
Trading Expectations (CNHEUR) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect CNH/EUR to open at 0.127€, and during the day (based on 14 day Average True Range), to move between 0.126€ and 0.128€, which gives a possible trading interval of +/-0.0007€ (+/-0.56%) up or down from last closing price. If CNH/EUR takes out the full calculated possible swing range there will be an estimated 1.13% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at 0.127€ (0.03%) than the resistance at 0.127€ (0.19%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is CNH/EUR currency pair A Buy?
CNH/EUR holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: -0.375 Hold/Accumulate Unchanged
Predicted Opening Price for CNH/EUR of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| 0.127€ ( 0.0499%) | 0.127€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNHEUR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.128 | 0.782 % | |
| R2 | 0.128 | 0.502 % | ||
| R1 | 0.127 | 0.330 % | ||
| Current price: | 0.127 | |||
| Support | S1 | 0.127 | -0.230 % | |
| S2 | 0.126 | -0.403 % | ||
| S3 | 0.126 | -0.682 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.128 | 0.433 % | |
| R2 | 0.127 | 0.307 % | ||
| R1 | 0.127 | 0.189 % | ||
| Current price | 0.127 | |||
| Support | S1 | 0.127 | -0.0315% | |
| S2 | 0.127 | -0.0472% | ||
| S3 | 0.127 | -0.118% |
FAQ
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