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

Czech Koruna/Euro (CZKEUR) Technical Analysis Report for Oct 22, 2020 | by Techniquant Editorial Team


CZKEUR closes above its opening price after recovering from early selling pressure
CZKEUR closes within previous day's range after lackluster session


CZKEUR ended Thursday at 0.036771 gaining 53 pips (0.14%). Trading up to 92 pips lower after the open, the pair managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on October 16th, CZKEUR actually lost -0.02% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (CZKEUR as at Oct 22, 2020):

Daily technical analysis candlestick chart for Czech Koruna/Euro (CZKEUR) as at Oct 22, 2020

Thursday's trading range has been 197 pips (0.54%), that's far below the last trading month's daily average range of 292 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CZKEUR.

Prices are trading close to the key technical resistance level at 0.036827 (R1).

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Buying could speed up should prices move above the close-by swing high at 0.036970 where further buy stops might get activated.

Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for CZK/EUR. Out of 644 times, CZKEUR closed lower 53.88% 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 52.33% with an average market move of -0.00%.

Market Conditions for CZKEUR as at Oct 22, 2020

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