MVR/EUR Currency Pair Forecast
Evaluation of MVR/EUR currency pair downgraded after the last trading session.
(Updated on May 14, 2024)
The MVR/EUR currency pair price fell by -0.293% on the last day (Tuesday, 14th May 2024) from 0.0600€ to 0.0598€. During the last trading day the currency pair fluctuated 1.34% from a day low at 0.0598€ to a day high of 0.0606€. The price has fallen in 7 of the last 10 days and is down by -1.38% for this period. Volume fell on the last day along with the currency pair, which is actually a good sign as volume should follow the currency pair. On the last day, the trading volume fell by -4 shares and in total, 4 shares were bought and sold for approximately 0.239€ .
The currency pair is at the lower part of a narrow and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at 0.0597€ will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect MVR/EUR currency pair with a 90% probability to be traded between 0.0605€ and 0.0620€ at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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MVREUR Signals & Forecast
There are few to no technical positive signals at the moment. The MVR/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 0.0601€ and 0.0603€. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 16, 2024, and so far it has fallen -1.83%. 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. The currency pair had a Golden Star Signal on Thursday, March 21, 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.
Golden Star 12 Months
The currency pair had a Golden Star Signal on Thursday, March 21, 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 MVR/EUR currency pair
MVR/EUR finds support from accumulated volume at 0.0597€ 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 0.0008€ between high and low, or 1.34%. For the last week the currency pair has had daily average volatility of 1.17%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MVREUR) For The Upcoming Trading Day Of Wednesday 15th
For the upcoming trading day on Wednesday, 15th we expect MVR/EUR to open at 0.0601€, and during the day (based on 14 day Average True Range), to move between 0.0591€ and 0.0606€, which gives a possible trading interval of +/-0.0008€ (+/-1.28%) up or down from last closing price. If MVR/EUR takes out the full calculated possible swing range there will be an estimated 2.56% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at 0.0599€ (0.09%) than the support at 0.0597€ (0.19%), 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 MVR/EUR currency pair A Buy?
MVR/EUR holds several negative signals and is within a narrow and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this currency pair. 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 Hold/Accumulate to a Sell candidate.
Current score: -2.139 Sell Candidate Downgraded
Predicted Opening Price for MVR/EUR of Wednesday, May 15, 2024
Fair opening price May 15, 2024 | Current price |
---|---|
0.0601€ ( 0.382%) | 0.0598€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MVREUR
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0609 | 1.72 % | |
R2 | 0.0606 | 1.21 % | ||
R1 | 0.0604 | 0.89 % | ||
Current price: | 0.0598 | |||
Support | S1 | 0.0598 | -0.130 % | |
S2 | 0.0596 | -0.446 % | ||
S3 | 0.0593 | -0.96 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0607 | 1.52 % | |
R2 | 0.0600 | 0.294 % | ||
R1 | 0.0599 | 0.0899 % | ||
Current price | 0.0598 | |||
Support | S1 | 0.0597 | -0.191% | |
S2 | 0.0596 | -0.358% | ||
S3 | 0.0596 | -0.387% |
FAQ
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