FXE closes above its opening price after recovering from early selling pressure


CurrencyShares Euro ETF (FXE) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team

Highlights

FXE closes above its opening price after recovering from early selling pressure
FXE finds support at 50-day moving average
FXE closes lower for the 2nd day in a row
FXE ends the day indecisive

Overview

Moving lower for the 2nd day in a row, FXE ended the week 0.78% higher at 102.99 after losing $0.43 (-0.42%) today ahead of tomorrow's Memorial Day market holiday. Trading up to $0.13 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (FXE as at May 22, 2020):

Daily technical analysis candlestick chart for CurrencyShares Euro ETF (FXE) as at May 22, 2020

Friday's trading range has been $0.17 (0.17%), that's far below the last trading month's daily average range of $0.44. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FXE.

One bearish candlestick pattern matches today's price action, the Hanging Man. The last time a Hanging Man showed up on March 9th, FXE lost -1.33% on the following trading day.

After trading as low as 102.83 during the day, the ETF found support at the 50-day moving average at 102.92.

While FXE is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Down" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for FXE. Out of 427 times, FXE closed higher 50.35% of the time on the next trading day after the market condition occurred.


Market Conditions for FXE as at May 22, 2020

Loading Market Conditions for FXE (CurrencyShares Euro ETF)...
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