EUR Falls Against NGN as Bearish Signals Dominate Market

The Euro (EUR) has fallen against the Nigerian Naira (NGN) in recent trading, driven by bearish technical signals and a strong selling interest.

The EUR/NGN pair is currently below all major moving averages, with a near-term ceiling at NGN1,561 and a floor at NGN1,550. Momentum indicators are decisively negative, with the Moving Average Convergence Divergence (MACD) and Average Directional Index (ADX) signaling weak downside momentum.

Despite the current bearish trend, MDU Capital Limited estimates that the Nigerian Naira is undervalued versus the US Dollar, projecting a fair value of N984.7 per US Dollar for June 2026. This suggests that if the valuation gap closes, the Naira could appreciate against major currencies over the next 12 months.

The current price action has been influenced by oversold conditions, with the Relative Strength Index (RSI) at 35.53, Stochastic RSI at 0, and Commodity Channel Index (CCI) at -288.59. The Awesome Oscillator (AO) gives a strong sell signal, further confirming bearish momentum.