Forex Trend Analysis Report
Prepared for you on Tuesday, January 28, 2020.
Euro/Nigerian Naira (FOREX:EURNGN)
Smart Scan Chart Analysis shows that negative longer term is strengthening. The market action could signal the start of a major trend change Weak Downtrend Very tight money management stops.
The Trade Triangles are generated using a proprietary algorithm that is comprised of weighted factors that include, but are not limited to - price change, percentage change, moving averages, and new highs/lows. The MarketClub trading strategy is based on the triangles, learn more here.
MarketClub’s Trade Triangles for EURNGN
The long term trend has been UP since Dec 16th, 2019 at 404.17
The intermediate term trend has been DOWN since Jan 9th, 2020 at 401.89
The short term trend has been DOWN since Jan 3rd, 2020 at 407.41
Smart Scan Analysis for EURNGN
Based on a pre-defined weighted trend formula for chart analysis, EURNGN scored -70 on a scale from -100 (strong downtrend) to +100 (strong uptrend).