EUR/CNH - 1H - Technical analysis published on 09/25/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
11%
61%
28%
My opinion
Bearish under 7.83742 CNH
My targets
7.81329 CNH (-0.01361)
7.78379 CNH (-0.04311)
My analysis
EUR/CNH is part of a very strong bearish trend. Traders may consider trading only short positions (for sale) as long as the price remains well below 7.83742 CNH. The next support located at 7.81329 CNH is the next bearish objective to target. A bearish break of this support would revive the bearish momentum. The bearish movement could then continue towards the next support located at 7.78379 CNH. Below this support, sellers could then target 7.74382 CNH. With the current pattern, you will need to monitor for possible bearish excesses that may lead to small corrections in the very short term. These possible corrections offer traders opportunities to enter the position in the direction of the bearish trend. Trying to profit from the purchase of these possible corrections may seem risky.
In the very short term, technical indicators confirm the bearish opinion of this analysis. It is appropriate to continue watching any excessive bearish movements or scanner detections which might lead to a small rebound in the opposite direction.
Force
0
10
7.3
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This analysis was given by Londinia. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
EUR/CNH rating 7.82690 CNH. The price registered a decrease of -0.09% on the session and was traded between 7.82409 CNH and 7.87524 CNH over the period. The price is currently at +0.04% from its lowest and -0.61% from its highest.7.82409
7.87524
7.82690
The Central Gaps scanner detects a bullish opening. A small advantage for buyers in the very short term.
Bullish opening
Type : Bullish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
Near a new LOW record (1 year)
Type : Bearish
Timeframe : Weekly
Near a new LOW record (1st january)
Type : Bearish
Timeframe : Weekly
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
A technical analysis in 1H of this EUR/CNH chart shows a sharp bearish trend. 89.29% of the signals given by moving averages are bearish. This strongly bearish trend is supported by the strong bearish signals given by short-term moving averages. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
In fact, 11 technical indicators on 18 studied are currently bearish. But beware of excesses. The Central Indicators scanner currently detects this:
CCI indicator is oversold : under -100
Type : Neutral
Timeframe : 1 hour
Williams %R indicator is oversold : under -80
Type : Neutral
Timeframe : 1 hour
Pivot points : price is under support 1
Type : Neutral
Timeframe : Weekly
Central Patterns, the market scanner focusing on chart patterns, resistances and supports found this result:
Near resistance of channel
Type : Bearish
Timeframe : 1 hour
The Central Candlesticks scanner which studies Japanese candlesticks did not detect anything.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 7.74382 | 7.78379 | 7.81329 | 7.82690 | 7.82909 | 7.83742 | 7.84665 |
| Change (%) | -1.06% | -0.55% | -0.17% | - | +0.03% | +0.13% | +0.25% |
| Change | -0.08308 | -0.04311 | -0.01361 | - | +0.00219 | +0.01052 | +0.01975 |
| Level | Minor | Intermediate | Major | - | Minor | Minor | Intermediate |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 7.77885 | 7.79659 | 7.81536 | 7.83310 | 7.85187 | 7.86961 | 7.88838 |
| Camarilla | 7.82409 | 7.82744 | 7.83078 | 7.83413 | 7.83748 | 7.84082 | 7.84417 |
| Woodie | 7.77937 | 7.79685 | 7.81588 | 7.83336 | 7.85239 | 7.86987 | 7.88890 |
| Fibonacci | 7.79659 | 7.81054 | 7.81915 | 7.83310 | 7.84705 | 7.85566 | 7.86961 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 7.78326 | 7.81909 | 7.84011 | 7.87594 | 7.89696 | 7.93279 | 7.95381 |
| Camarilla | 7.84550 | 7.85071 | 7.85592 | 7.86113 | 7.86634 | 7.87155 | 7.87676 |
| Woodie | 7.77586 | 7.81539 | 7.83271 | 7.87224 | 7.88956 | 7.92909 | 7.94641 |
| Fibonacci | 7.81909 | 7.84081 | 7.85422 | 7.87594 | 7.89766 | 7.91107 | 7.93279 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 7.51762 | 7.63593 | 7.73393 | 7.85224 | 7.95024 | 8.06855 | 8.16655 |
| Camarilla | 7.77246 | 7.79228 | 7.81211 | 7.83194 | 7.85177 | 7.87160 | 7.89143 |
| Woodie | 7.50748 | 7.63085 | 7.72379 | 7.84716 | 7.94010 | 8.06347 | 8.15641 |
| Fibonacci | 7.63593 | 7.71856 | 7.76961 | 7.85224 | 7.93487 | 7.98592 | 8.06855 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 35.54 | |
| MACD (12,26,9): | -0.0021 | |
| Directional Movement: | -11.16189 | |
| AROON (14): | -28.57143 | |
| DEMA (21): | 7.84256 | |
| Parabolic SAR (0,02-0,02-0,2): | 7.86381 | |
| Elder Ray (13): | -0.01292 | |
| Super Trend (3,10): | 7.85694 | |
| Zig ZAG (10): | 7.82688 | |
| VORTEX (21): | 0.9567 | |
| Stochastique (14,3,5): | 9.87 | |
| TEMA (21): | 7.83931 | |
| Williams %R (14): | -95.70 | |
| Chande Momentum Oscillator (20): | -0.02830 | |
| Repulse (5,40,3): | -0.1734 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | 0.0047 | |
| Courbe Coppock: | 0.24 |
| MA7: | 7.86429 | |
| MA20: | 7.86508 | |
| MA50: | 7.87659 | |
| MA100: | 7.86593 | |
| MAexp7: | 7.83695 | |
| MAexp20: | 7.84357 | |
| MAexp50: | 7.84524 | |
| MAexp100: | 7.85205 | |
| Price / MA7: | -0.48% | |
| Price / MA20: | -0.49% | |
| Price / MA50: | -0.63% | |
| Price / MA100: | -0.50% | |
| Price / MAexp7: | -0.13% | |
| Price / MAexp20: | -0.21% | |
| Price / MAexp50: | -0.23% | |
| Price / MAexp100: | -0.32% |
Quotes :
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Real time data
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Forex
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
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