EURHUF closes higher for the 3rd day in a row

Euro/Hungarian Forint (EURHUF) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team


EURHUF dominated by bulls lifting the market higher throughout the day
EURHUF closes higher for the 3rd day in a row
EURHUF pushes through Tuesday's high


Moving higher for the 3rd day in a row, EURHUF ended Wednesday at 359.2520 gaining 13580 pips (0.38%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 358.0150, the currency confirmed its breakout through the prior session high after trading up to 14275 pips above it intraday.

Daily Candlestick Chart (EURHUF as at Sep 16, 2020):

Daily technical analysis candlestick chart for Euro/Hungarian Forint (EURHUF) as at Sep 16, 2020

Wednesday's trading range has been 19205 pips (0.54%), that's below the last trading month's daily average range of 26298 pips. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EURHUF.

Three candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bullish Short Candle showed up on July 28th, EURHUF actually lost -0.57% on the following trading day.

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

As prices are trading close to September's high at 361.6935, upside momentum could speed up should the FX pair mark new highs for the month.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for EUR/HUF. Out of 62 times, EURHUF closed lower 61.29% of the time on the next trading day after the market condition occurred.

With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 0.61% and NZDUSD closing 0.27% higher. On the flipside the worst performers have been USDJPY closing -0.47% lower and EURUSD losing -0.25%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been GBPPLN surging 0.81% and ZARJPY closing 0.78% higher. The worst performers of the day have been EURZAR tanking -1.42% and CHFZAR closing -1.28% lower. Read more

Market Conditions for EURHUF as at Sep 16, 2020

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