XAG/EUR Currency Pair Forecast

Strong day for XAG/EUR currency pair price on Friday rising 6.47% to 28.97€
(Updated on May 17, 2024)

XAGEUR Signals & Forecast

The XAG/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 26.92€ and 25.87€. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 17.48%. 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). XAG/EUR has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for XAG/EUR currency pair

On the downside, the currency pair finds support just below today's level from accumulated volume at 27.18€ and 26.47€. There is a natural risk involved when a currency pair is testing a support level, since if this is broken, the currency pair then may fall to the next support level. In this case, XAG/EUR finds support just below today's level at 27.18€. If this is broken, then the next support from accumulated volume will be at 26.47€ and 26.20€.

This currency pair has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the currency pair moved 1.93€ between high and low, or 7.11%. For the last week, the currency pair has had daily average volatility of 3.47%.

The XAG/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: 27.98€ (-3.40%) (This currency pair has medium daily movements and this gives medium risk. The RSI14 is 80 and this increases the risk substantially. There is a buy signal from a pivot bottom found 13 days ago.)

Trading Expectations (XAGEUR) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect XAG/EUR to open at 28.38€, and during the day (based on 14 day Average True Range), to move between 28.24€ and 29.69€, which gives a possible trading interval of +/-0.727€ (+/-2.51%) up or down from last closing price. If XAG/EUR takes out the full calculated possible swing range there will be an estimated 5.02% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ 27.18€, some 1.79€ (6.18%) from the current price of 28.97€, our system finds the risk reward attractive.

Is XAG/EUR currency pair A Buy?

XAG/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 XAG/EUR of Monday, May 20, 2024

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