EURTRY Down 2 Pips in Last Hour, Came Into Today Up For the 2nd Straight Day; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated September 8, 2020 15:16 GMT)

At the moment, EURTRY’s rate is down -1.96 pips (-0.22%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 and 50 hour moving averages have been crossed, so that price is now turning below them. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURTRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURTRY is up 1 pips (0.06%) since the day prior (opening today near 8.80495), marking the 2nd straight day it has gone up. Out of the 40 instruments in the Forex asset class, EURTRY ended up ranking 15th for the day in terms of price change. The price chart of EURTRY below illustrates.

EURTRY

EURTRY Technical Analysis

Coming into today EURTRY is now close to its 20 day averages, located at 8.6927 respectively, and thus may be at a key juncture along those timeframes. 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. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 14 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.


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