EUR/USD Down 0 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; 2 Day Down Streak Snapped

Hourly Update

(Last Updated January 12, 2022 1:41 GMT)

At the moment, EURUSD’s rate is down 0 pips (0%) 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 pin bar candlestick pattern on EURUSD. Given that we see an uptrend on the 10 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 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)

The choppiness in the recent daily price action of EURUSD continues; to start today, it came in at a price of 1.13671, up 36 pips (0.32%) since yesterday. Relative to other instruments in the Forex asset class, EURUSD ranked 11th yesterday in terms of percentage price change. The price chart of EURUSD below illustrates.

EURUSD

EURUSD Technical Analysis

The first thing we should note is that the current price of EURUSD is sitting close to its 20, 50 and 100 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 41.1 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 7 out of the past 14 days.