GNF/EUR Currency Pair Forecast

GNF/EUR currency pair downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on Jun 28, 2024)

GNFEUR Signals & Forecast

The GNF/EUR 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 0.0001€ and 0.0001€. 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 -0.0239%. Further fall is indicated until a new bottom pivot has been found. 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. The currency pair had a Golden Star Signal on Friday, June 07, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Friday, June 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 GNF/EUR currency pair

GNF/EUR finds support from accumulated volume at 0.0001€ 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 0.00000107€ between high and low, or 0.99%. For the last week the currency pair has had daily average volatility of 1.17%

Our recommended stop-loss: 0.0001€ (-3.82%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 19 days ago.)

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

For the upcoming trading day on Monday, 1st we expect GNF/EUR to open at 0.0001€, and during the day (based on 14 day Average True Range), to move between 0.0001€ and 0.0001€, which gives a possible trading interval of +/-0.00000146€ (+/-1.35%) up or down from last closing price. If GNF/EUR takes out the full calculated possible swing range there will be an estimated 2.69% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at 0.0001€ (0.09%) than the support at 0.0001€ (0.25%), 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 GNF/EUR currency pair A Buy?

GNF/EUR 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: 0.784 Hold/Accumulate Downgraded

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

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