EURZAR finds buyers around 16.0820 for the third day in a row


Euro/South African Rand (EURZAR) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

EURZAR breaks back below 20-day moving average
EURZAR finds buyers around 16.0820 for the third day in a row
EURZAR stuck within tight trading range
EURZAR closes within previous day's range after lackluster session

Overview

EURZAR finished the week -2.09% lower at 16.1568 after losing 536 pips (-0.33%) today. 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 (EURZAR as at Feb 14, 2020):

Daily technical analysis candlestick chart for Euro/South African Rand (EURZAR) as at Feb 14, 2020

Friday's trading range has been 1524 pips (0.94%), that's below the last trading month's daily average range of 2138 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EURZAR. Prices continued to consolidate within a tight trading range between 16.0820 and 16.2821 where it has been caught now for the last three trading days.

EUR/ZAR closed back below the 20-day moving average at 16.1976. When this moving average was crossed below the last time on Wednesday, EURZAR actually gained 0.37% on the following trading day. The FX pair found buyers again today around 16.0820 for the third trading day in a row after having found demand at 16.0896 in the prior session and at 16.0824 two days ago.

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

Buying might speed up should prices move above the close-by swing high at 16.2821 where further buy stops could get activated.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 20" stand out. Its common bearish interpretation has been confirmed for EUR/ZAR. Out of 141 times, EURZAR closed lower 51.77% 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 60.28% with an average market move of -0.09%.

With five out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are USDCAD losing -0.12% and EURUSD closing -0.08% lower. On the flipside the best performers have been USDCHF closing 0.28% higher and GBPUSD gaining 0.02%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been USDSEK surging 0.51% and EURSEK closing 0.43% higher. The worst performers of the day have been EURHUF tanking -0.65% and USDHUF closing -0.58% lower. Read more


Market Conditions for EURZAR as at Feb 14, 2020

Loading Market Conditions for EURZAR (Euro/South African Rand)...
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EURZAR finds buyers at key support level

Feb 19, 2020
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