EURTRY Down 3 Pips in Last Hour, Moves Down For the 2nd Straight Day; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated September 4, 2020 9:51 GMT)

Currently, EURTRY’s rate is down -2.54 pips (-0.29%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 with price now being below 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.

EURTRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURTRY is down 2 pips (0.22%) since the day prior (opening today near 8.74554), marking the 2nd straight day a decrease has occurred. Out of the 40 instruments in the Forex asset class, EURTRY ended up ranking 24th for the day in terms of price change. Below is a price chart of EURTRY.

EURTRY

EURTRY Technical Analysis

Coming into today the current price of EURTRY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for EURTRY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 5 out of the past 10 days.

The View From Around the Web

Not much commentary on EURTRY that we’re finding noteworthy here; guess people aren’t watching this one :). As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello everyone!EURTRY will continue the uptrend after breaking out of the triangle.Wait for a breakout at 8.86300


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram