MVR/EUR Currency Pair Forecast

MVR/EUR currency pair downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on May 28, 2024)

MVREUR Signals & Forecast

There are mixed signals in the currency pair today. 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 0.0597€ and 0.0602€. A break-up above any of these levels will issue buy signals. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued. A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 0.215%. 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). 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 0.0596€ 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 0.0001€ between high and low, or 0.185%. For the last week the currency pair has had daily average volatility of 0.93%

Our recommended stop-loss: 0.0559€ (-6.29%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 32 days ago.)

Trading Expectations (MVREUR) For The Upcoming Trading Day Of Wednesday 29th

For the upcoming trading day on Wednesday, 29th we expect MVR/EUR to open at 0.0596€, and during the day (based on 14 day Average True Range), to move between 0.0589€ and 0.0603€, which gives a possible trading interval of +/-0.0007€ (+/-1.20%) up or down from last closing price. If MVR/EUR takes out the full calculated possible swing range there will be an estimated 2.40% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at 0.0596€ (0.01%) than the resistance at 0.0596€ (0.02%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is MVR/EUR currency pair A Buy?

MVR/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: 0.000 Hold/Accumulate Downgraded

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 MVR/EUR of Wednesday, May 29, 2024

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