MGA/EUR Currency Pair Forecast
MGA/EUR currency pair downgraded to Hold/Accumulate
(Updated on May 17, 2024)
The MGA/EUR currency pair price gained 0.0062% on the last trading day (Friday, 17th May 2024), rising from 0.0002€ to 0.0002€. During the last trading day the currency pair fluctuated 0.429% from a day low at 0.0002€ to a day high of 0.0002€. The price has been going up and down for this period, and there has been a -0.76% loss for the last 2 weeks. Volume fell on the last day by -2 shares and in total, 0 shares were bought and sold for approximately 0€ . You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The currency pair lies in the lower part of a weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at 0.0002€ is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the currency pair is expected to rise 4.25% during the next 3 months and, with a 90% probability hold a price between 0.0002€ and 0.0002€ at the end of this 3-month period.
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MGAEUR Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 0.172%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The MGA/EUR 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 0.0002€ and 0.0002€. A break-up above any of these levels will issue buy signals. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued. The currency pair had a Golden Star Signal on Friday, March 15, 2024 in the short-term chart.
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 Friday, March 15, 2024 in the short-term chart.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 MGA/EUR currency pair
MGA/EUR finds support from accumulated volume at 0.0002€ 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 0.00000089€ between high and low, or 0.429%. For the last week the currency pair has had daily average volatility of 1.41%
Our recommended stop-loss: 0.0002€ (-5.97%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 24 days ago.)
Trading Expectations (MGAEUR) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect MGA/EUR to open at 0.0002€, and during the day (based on 14 day Average True Range), to move between 0.0002€ and 0.0002€, which gives a possible trading interval of +/-0.00000274€ (+/-1.32%) up or down from last closing price. If MGA/EUR takes out the full calculated possible swing range there will be an estimated 2.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at 0.0002€ (0.01%) than the resistance at 0.0002€ (0.70%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is MGA/EUR currency pair A Buy?
MGA/EUR holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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: 0.929 Hold/Accumulate Downgraded
Predicted Opening Price for MGA/EUR of Monday, May 20, 2024
Fair opening price May 20, 2024 | Current price |
---|---|
0.0002€ ( 0.0058%) | 0.0002€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MGAEUR
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0002 | 0.434 % | |
R2 | 0.0002 | 0.270 % | ||
R1 | 0.0002 | 0.169 % | ||
Current price: | 0.0002 | |||
Support | S1 | 0.0002 | -0.158 % | |
S2 | 0.0002 | -0.259 % | ||
S3 | 0.0002 | -0.422 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0002 | 2.48 % | |
R2 | 0.0002 | 1.11 % | ||
R1 | 0.0002 | 0.703 % | ||
Current price | 0.0002 | |||
Support | S1 | 0.0002 | -0.0062% | |
S2 | 0.0002 | -2.27% | ||
S3 | 0.0002 | -2.33% |
FAQ
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