EUR/HUF Currency Pair Forecast
EUR/HUF currency pair downgraded from Hold/Accumulate to Sell Candidate after Monday trading session.
(Updated on May 20, 2024)
The EUR/HUF currency pair price fell by -2.30% on the last day (Monday, 20th May 2024) from 394.63 Ft to 385.56 Ft. During the last trading day the currency pair fluctuated 0.0337% from a day low at 385.56 Ft to a day high of 385.69 Ft. The price has fallen in 6 of the last 10 days and is down by -0.73% for this period. Volume fell on the last day along with the currency pair, which is actually a good sign as volume should follow the currency pair. On the last day, the trading volume fell by -45 thousand shares and in total, 2 shares were bought and sold for approximately 771.12 Ft .
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 385.26 Ft will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect EUR/HUF currency pair with a 90% probability to be traded between 381.76 Ft and 396.40 Ft 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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EURHUF Signals & Forecast
There are few to no technical positive signals at the moment. The EUR/HUF 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 388.48 Ft and 391.10 Ft. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, May 17, 2024, and so far it has fallen -2.30%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this currency pair may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for EUR/HUF currency pair
EUR/HUF finds support from accumulated volume at 385.50 Ft 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved 0.130 Ft between high and low, or 0.0337%. For the last week the currency pair has had daily average volatility of 0.539%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (EURHUF) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect EUR/HUF to open at 385.60 Ft, and during the day (based on 14 day Average True Range), to move between 380.91 Ft and 390.21 Ft, which gives a possible trading interval of +/-4.65 Ft (+/-1.21%) up or down from last closing price. If EUR/HUF takes out the full calculated possible swing range there will be an estimated 2.41% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at 385.50 Ft (0.02%) than the resistance at 390.77 Ft (1.35%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is EUR/HUF currency pair A Buy?
EUR/HUF holds several negative signals and is within a narrow and falling trend, so we believe 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 Hold/Accumulate to a Sell candidate.
Current score: -4.143 Sell Candidate Downgraded
Predicted Opening Price for EUR/HUF of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| 385.60 Ft ( 0.0112%) | 385.56 Ft |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EURHUF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 385.73 | 0.0450 % | |
| R2 | 385.68 | 0.0321 % | ||
| R1 | 385.65 | 0.0241 % | ||
| Current price: | 385.56 | |||
| Support | S1 | 385.55 | -0.0016 % | |
| S2 | 385.52 | -0.0096 % | ||
| S3 | 385.47 | -0.0225 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 394.18 | 2.23 % | |
| R2 | 393.51 | 2.06 % | ||
| R1 | 390.77 | 1.35 % | ||
| Current price | 385.56 | |||
| Support | S1 | 385.50 | -0.0156% | |
| S2 | 385.42 | -0.0363% | ||
| S3 | 0 | . |
FAQ
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