MMK/EUR Currency Pair Forecast

Red day on Wednesday for MMK/EUR
(Updated on Jul 03, 2024)

MMKEUR Signals & Forecast

The MMK/EUR currency pair holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the currency pair giving a positive forecast for the stock. On further gains, the currency pair will meet resistance from the short-term Moving Average at approximately 0.0004€. On a fall, the currency pair will find some support from the long-term average at approximately 0.0004€. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Wednesday, June 26, 2024, and so far it has fallen -1.01%. 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 in the long-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 MMK/EUR currency pair

MMK/EUR finds support from accumulated volume at 0.0004€ 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 0.00000297€ between high and low, or 0.674%. For the last week the currency pair has had daily average volatility of 0.356%

The MMK/EUR currency pair is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some currency pairs may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the currency pair manages to break the trend before that occurs.

Our recommended stop-loss: 0.0004€ (-3.52%) (This currency pair has low daily movements and this gives low risk. The RSI14 is 80 and this increases the risk substantially. There is a sell signal from a pivot top found 14 days ago.)

Trading Expectations (MMKEUR) For The Upcoming Trading Day Of Friday 5th

For the upcoming trading day on Friday, 5th we expect MMK/EUR to open at 0.0004€, and during the day (based on 14 day Average True Range), to move between 0.0004€ and 0.0004€, which gives a possible trading interval of +/-0.00000364€ (+/-0.82%) up or down from last closing price. If MMK/EUR takes out the full calculated possible swing range there will be an estimated 1.64% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at 0.0004€ (0.27%) than the support at 0.0004€ (0.48%), 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 MMK/EUR currency pair A Buy?

MMK/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.

Current score: 0.000 Hold/Accumulate Unchanged

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for MMK/EUR of Friday, July 5, 2024

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