EURTRY Up 4 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; 6 Day Up Streak Broken

Hourly Update

(Last Updated November 11, 2020 0:18 GMT)

At the time of this writing, EURTRY’s rate is up 4.38 pips (0.46%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURTRY. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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, which opened today priced near 9.4691, is down 63 pips 6.26% since yesterday, marking a reversal from the day prior — and the end of a 6 day positive run. Those trading within the Forex asset class should know that EURTRY was the worst performer in the class. Let’s take a look at price chart of EURTRY.

EURTRY

EURTRY Technical Analysis

Notably, EURTRY crossed below its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days EURTRY’s price has gone up 11 them. We’re also seeing a bearish engulfing pattern form over the past two candles, which suggests the uptrend on the 90, 30 and 14 day