EURCHF Up 5 Pips in Last Hour, Sentiment Strongly Favors Sellers; is Inching Close to 20, 50 and 100 Day Averages

Hourly Update

(Last Updated January 12, 2021 2:18 GMT)

Currently, EURCHF’s rate is up 5 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

EURCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURCHF entered today at 1.08154, down 0 pips (0%) from the previous day. Compared to its peers in the Forex, EURCHF gave its buyers a return that ranked 21st in terms of percentage change since the previous day. The price chart of EURCHF below illustrates.

EURCHF

EURCHF Technical Analysis

Coming into today EURCHF is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. For additional context, note that price has gone up 8 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on EURCHF, with 0 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

HiI see a nice little short opportunity on EURCHF. My guess is that the support level we see here will be taken out shortly. The last breakout to the upside looks to me like stop hunting. From a market structure point of view we are all over the place as well, setting up nicely for short.Worth a punt with 1:2 RR.Let me know what you think in the comments below. Good luck!