EUR/NGN Currency Pair Forecast
EUR/NGN currency pair price ended at $1,652.40 on Friday, after losing 0.548%.
(Updated on Jun 28, 2024)
The EUR/NGN currency pair price fell by -0.548% on the last day (Friday, 28th Jun 2024) from $1,661.50 to $1,652.40. During the last trading day the currency pair fluctuated 0% from a day low at $1,652.40 to a day high of $1,652.40. The price has fallen in 6 of the last 10 days and is down by -2.34% for this period.
The currency pair lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $1,834.26 will firstly indicate a stronger rate of rising. Given the current short-term trend, the currency pair is expected to rise 24.98% during the next 3 months and, with a 90% probability hold a price between $425.04 and $2,292.41 at the end of this 3-month period.
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EURNGN Signals & Forecast
The EUR/NGN 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 $1,645.05 and $1,489.59. A breakdown below any of these levels will issue sell signals. 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 13, 2024, and so far it has fallen -2.34%. 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/NGN currency pair
On the downside, the currency pair finds support just below today's level from accumulated volume at $1,499.00 and $1,392.00. There is a natural risk involved when a currency pair is testing a support level, since if this is broken, the currency pair then may fall to the next support level. In this case, EUR/NGN finds support just below today's level at $1,499.00. If this is broken, then the next support from accumulated volume will be at $1,392.00 and $1,324.63.
This currency pair has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the currency pair moved $0 between high and low, or 0%. For the last week the currency pair has had daily average volatility of 0%.
Our recommended stop-loss: $1,579.56 (-4.41%) (This currency pair has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 30 days ago.)
Trading Expectations (EURNGN) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect EUR/NGN to open at $1,652.40, and during the day (based on 14 day Average True Range), to move between $1,566.80 and $1,738.00, which gives a possible trading interval of +/-$85.60 (+/-5.18%) up or down from last closing price. If EUR/NGN takes out the full calculated possible swing range there will be an estimated 10.36% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1,658.60 (0.38%) than the support at $1,499.00 (9.28%), 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/NGN currency pair A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for EUR/NGN currency pair to perform well in the short-term.
Current score: 3.804 Buy Candidate Unchanged
Predicted Opening Price for EUR/NGN of Monday, July 1, 2024
Fair opening price July 1, 2024 | Current price |
---|---|
$1,652.40 ( 0.00000000%) | $1,652.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EURNGN
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 1,652.40 | 0.00000000% |
R2 | 1,652.40 | 0.00000000% |
R1 | 1,652.40 | 0.00000000% |
Price | 1,652.40 | |
S1 | 1,652.40 | 0.00000000% |
S2 | 1,652.40 | 0.00000000% |
S3 | 1,652.40 | 0.00000000% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 1,686.20 | 2.05% |
R2 | 1,661.50 | 0.551% |
R1 | 1,658.60 | 0.375% |
Price | 1,652.40 | |
S1 | 1,499.00 | -9.28% |
S2 | 1,392.00 | -15.76% |
S3 | 1,324.63 | -19.84% |
FAQ
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