EUR/USD 5 Day Down Streak Snapped; in a Downtrend Over Past 30 Days

EUR/USD Price Recap

EUR/USD is down 33 pips (0.31%) since yesterday (with its current price near 1.0839), marking the 2nd day in a row a decrease has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 6.86% from the day prior, and up 2.48% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/USD ended up ranking 31st for the day in terms of day-over-day price change. Below is a price chart of EUR/USD.

EUR/USD Technical Analysis

The first thing we should note is that the current price of EUR/USD is sitting close to its 20, 50, 100 and 200 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 169.7 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days EUR/USD’s price has gone down 10 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURUSD, with 26 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 1.44, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.