EURTRY Down 1 Pips in Last Hour, 2 Day Up Streak Broken; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 17, 2020 23:16 GMT)

Currently, EURTRY’s rate is down -0.92 pips (-0.1%) from the hour prior. EURTRY has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 entered today at 8.86711, down 1 pips (0.06%) from the day prior. Relative to other instruments in the Forex asset class, EURTRY ranked 23rd the day prior in terms of percentage price change. The price chart of EURTRY below illustrates.

EURTRY

EURTRY Technical Analysis

The first thing we should note is that EURTRY is now close to its 20 day averages, located at 8.7549 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 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern 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