EURTRY Down 0 Pips On Hourly Chart, Moves Down For the 2nd Consecutive Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated January 15, 2021 3:20 GMT)

At the time of this writing, EURTRY’s rate is down -0.39 pips (-0.04%) 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 100 hour timeframe. Price action traders may also wish to note that we see a doji 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 is down 4 pips (0.39%) since the day prior (opening today near 8.9608), marking the 2nd consecutive day a decline has happened. Relative to other instruments in the Forex asset class, EURTRY ranked 30th the day prior in terms of percentage price change. The price chart of EURTRY below illustrates.

EURTRY

EURTRY Technical Analysis

Notably, 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. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 1875.7 pips away. 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 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days EURTRY’s price has gone down 17 them.