EURHUF finds buyers again around 351.9955
Euro/Hungarian Forint (EURHUF) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
EURHUF ended Thursday at 354.4880 gaining 14630 pips (0.41%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (EURHUF as at Mar 26, 2020):
Thursday's trading range has been 62965 pips (1.78%), that's slightly above the last trading month's daily average range of 51932 pips. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for EURHUF. Prices continued to consolidate within a tight trading range between 348.1550 and 358.7705 where it has been caught now for the whole last trading week.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on February 12th, EURHUF lost -0.63% on the following trading day.
Prices are trading close to the key technical resistance level at 358.7705 (R1). After having been unable to move lower than 351.4435 in the prior session, the pair found buyers again around the same price level today at 351.9955.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 358.7705 where further buy stops could get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for EUR/HUF. Out of 777 times, EURHUF closed higher 50.58% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 53.15% with an average market move of 0.13%.
With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 2.72% and NZDUSD closing 1.88% higher. On the flipside the worst performers have been USDCHF closing -1.43% lower and USDJPY losing -1.42%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been GBPHKD surging 2.72% and GBPZAR closing 2.65% higher. The worst performers of the day have been USDMXN tanking -4.12% and USDNOK closing -3.12% lower. Read more