EUR/HKD Currency Pair Forecast

Green day on Friday for EUR/HKD currency pair after gaining 0.0080%
(Updated on May 17, 2024)

EURHKD Signals & Forecast

The EUR/HKD 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 HK$8.46 and HK$8.40. 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). EUR/HKD 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. 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 Wednesday, May 15, 2024, and so far it has fallen -0.173%. Further fall is indicated until a new bottom pivot has been found. 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 Wednesday, February 21, 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/HKD currency pair

EUR/HKD finds support from accumulated volume at HK$8.47 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 HK$0.0363 between high and low, or 0.429%. For the last week the currency pair has had daily average volatility of 0.115%.

Our recommended stop-loss: HK$8.17 (-3.70%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 2 days ago.)

Trading Expectations (EURHKD) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect EUR/HKD to open at HK$8.47, and during the day (based on 14 day Average True Range), to move between HK$8.46 and HK$8.51, which gives a possible trading interval of +/-HK$0.0269 (+/-0.32%) up or down from last closing price. If EUR/HKD takes out the full calculated possible swing range there will be an estimated 0.63% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at HK$8.49 (0.05%) than the support at HK$8.47 (0.20%), 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/HKD currency pair A Buy?

EUR/HKD 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.

Current score: 0.355 Hold/Accumulate Unchanged

Predicted Opening Price for EUR/HKD of Monday, May 20, 2024

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