(Last Updated June 23, 2022 1:40 GMT)
Currently, EURUSD’s rate is down 0 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 EURUSD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
EURUSD End of Day Recap
Updated 00:30 GMT (04:30 EST)
EURUSD is up 34 pips (0.32%) since the previous day (opening today near 1.05651), marking the 3rd consecutive day an upward move has occurred. Out of the 39 instruments in the Forex asset class, EURUSD ended up ranking 11th for the day in terms of price change. Let’s take a look at price chart of EURUSD.
EURUSD Technical Analysis
The first thing we should note is that EURUSD is now close to its 20 and 50 day averages, located at 1.0614 and 1.0615 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 8 out of the past 14 days.