EUR/CZK Currency Pair Forecast

Weaker technical forecast for EUR/CZK as currency pair downgraded to Sell Candidate.
(Updated on Jun 28, 2024)

EURCZK Signals & Forecast

The EUR/CZK currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at 24.95 Kč and 24.75 Kč. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Thursday, June 27, 2024, and so far it has fallen -0.0919%. Further fall is indicated until a new bottom pivot has been found. EUR/CZK 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".

Support, Risk & Stop-loss for EUR/CZK currency pair

EUR/CZK finds support from accumulated volume at 24.91 Kč 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 0.106 Kč between high and low, or 0.423%. For the last week the currency pair has had daily average volatility of 0.457%.

The EUR/CZK currency pair is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some currency pairs may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the currency pair manages to break the trend before that occurs.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (EURCZK) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect EUR/CZK to open at 25.04 Kč, and during the day (based on 14 day Average True Range), to move between 24.95 Kč and 25.15 Kč, which gives a possible trading interval of +/-0.0992 Kč (+/-0.40%) up or down from last closing price. If EUR/CZK takes out the full calculated possible swing range there will be an estimated 0.79% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at 25.08 Kč (0.09%) than the support at 24.91 Kč (0.57%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is EUR/CZK currency pair A Buy?

EUR/CZK holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this currency pair. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Buy to a Sell candidate.

Current score: -2.254 Sell Candidate Downgraded

Predicted Opening Price for EUR/CZK of Monday, July 1, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.