CZKEUR closes higher for the 3rd day in a row
Czech Koruna/Euro (CZKEUR) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CZKEUR ended Thursday at 0.036793 gaining 406 pips (1.12%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 0.036632, the FX pair confirmed its breakout through the previous session high after trading up to 174 pips above it intraday.
Daily Candlestick Chart (CZKEUR as at Mar 26, 2020):
Thursday's trading range has been 596 pips (1.64%), that's slightly below the last trading month's daily average range of 652 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for CZKEUR.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 0.037172 where further buy stops might get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for CZK/EUR. Out of 320 times, CZKEUR closed lower 55.31% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 53.75% with an average market move of -0.16%.