EURPLN closes within prior day's range
Euro/Polish Zloty (EURPLN) Technical Analysis Report for Aug 15, 2019 | by Techniquant Editorial Team
EURPLN finished Thursday at 4.3712 losing 27 pips (-0.06%) on high volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (EURPLN as at Aug 15, 2019):
Thursday's trading range has been 361 pips (0.83%), that's far above the last trading month's daily average range of 219 pips. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for EURPLN.
Four candlestick patterns are matching today's price action, the Gravestone Doji, the Northern Doji and the Shooting Star which are known as bearish patterns and one neutral pattern, the Doji. The last time a Doji showed up on August 9th, EURPLN gained 0.17% on the following trading day.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 4.3020.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for EUR/PLN. Out of 34 times, EURPLN closed lower 52.94% 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 73.53% with an average market move of -0.76%.
With five out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are AUDUSD gaining 0.41% and USDCHF closing 0.33% higher. On the flipside the worst performers have been EURUSD closing -0.26% lower and USDCAD losing -0.05%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been ZARJPY surging 1.16% and TRYJPY closing 0.9% higher. The worst performers of the day have been CHFZAR tanking -1.23% and EURZAR closing -1.17% lower. Read more