MMK/EUR Currency Pair Forecast

MMK/EUR currency pair price up 0.346% on Wednesday
(Updated on Jun 26, 2024)

MMKEUR Signals & Forecast

The MMK/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 0.0004€ and 0.0004€. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 12, 2024, and so far it has risen 6.42%. 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. 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, 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 0.00000169€ between high and low, or 0.380%. For the last week the currency pair has had daily average volatility of 0.378%

Our recommended stop-loss: 0.0004€ (-3.38%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 54 days ago.)

Trading Expectations (MMKEUR) For The Upcoming Trading Day Of Thursday 27th

For the upcoming trading day on Thursday, 27th 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 0.0005€, which gives a possible trading interval of +/-0.00000443€ (+/-0.99%) up or down from last closing price. If MMK/EUR takes out the full calculated possible swing range there will be an estimated 1.98% 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€ (0.06%) than the support at 0.0004€ (0.17%), 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 Thursday, June 27, 2024

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