EUR/DKK Currency Pair Forecast
EUR/DKK currency pair downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on May 17, 2024)
The EUR/DKK currency pair price gained 0.0159% on the last trading day (Friday, 17th May 2024), rising from kr7.46 to kr7.46. During the last trading day the currency pair fluctuated 0.0760% from a day low at kr7.46 to a day high of kr7.46. The price has risen in 8 of the last 10 days and is up by 0.06% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 71 thousand more shares were traded than the day before. In total, 71 thousand shares were bought and sold for approximately kr531.39 thousand.
The currency pair is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect EUR/DKK currency pair with a 90% probability to be traded between kr7.46 and kr7.47 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
EURDKK Signals & Forecast
The EUR/DKK 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 kr7.46 and kr7.46. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 26, 2024, and so far it has risen 0.0668%. 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). EUR/DKK has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. The currency pair had a Golden Star Signal on Thursday, May 02, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Thursday, March 07, 2024.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star
The currency pair had a Golden Star Signal on Thursday, May 02, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Thursday, March 07, 2024.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star 12 Months
The currency pair had a Golden Star Signal on Thursday, May 02, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Thursday, March 07, 2024.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Support, Risk & Stop-loss for EUR/DKK currency pair
EUR/DKK finds support from accumulated volume at kr7.46 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 kr0.0057 between high and low, or 0.0760%. For the last week the currency pair has had daily average volatility of 0.0178%.
Our recommended stop-loss: kr7.05 (-5.53%) (This currency pair has low daily movements and this gives low risk. The RSI14 is 83 and this increases the risk substantially. There is a buy signal from a pivot bottom found 16 days ago.)
Trading Expectations (EURDKK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect EUR/DKK to open at kr7.46, and during the day (based on 14 day Average True Range), to move between kr7.46 and kr7.46, which gives a possible trading interval of +/-kr0.0027 (+/-0.04%) up or down from last closing price. If EUR/DKK takes out the full calculated possible swing range there will be an estimated 0.07% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ kr7.46, some kr0.0047 (0.06%) from the current price of kr7.46, our system finds the risk reward attractive.
Is EUR/DKK currency pair A Buy?
EUR/DKK holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. 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 Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for EUR/DKK of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| kr7.46 ( 0.0253%) | kr7.46 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EURDKK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.47 | 0.0507 % | |
| R2 | 7.46 | 0.0216 % | ||
| R1 | 7.46 | 0.0037 % | ||
| Current price: | 7.46 | |||
| Support | S1 | 7.46 | -0.0544 % | |
| S2 | 7.46 | -0.0723 % | ||
| S3 | 7.45 | -0.101 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 7.46 | |||
| Support | S1 | 7.46 | -0.0627% | |
| S2 | 7.45 | -0.113% | ||
| S3 | 7.45 | -0.122% |
FAQ
Click here for our free guide on how to buy EUR/DKK Currency pair.
