(Last Updated September 17, 2020 23:16 GMT)
At the moment, EURUSD’s rate is down -3 pips (-0.03%) from the hour prior. The hourly chart shows that EURUSD has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. 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.
EURUSD End of Day Recap
Updated 00:30 GMT (04:30 EST)
EURUSD, which opened today priced near 1.18455, is down 17 pips 0.14% since the previous day, marking a reversal from the day prior — and the end of a 4 day positive run. Out of the 40 instruments in the Forex asset class, EURUSD ended up ranking 30th for the day in terms of price change. Let’s take a look at price chart of EURUSD.
EURUSD Technical Analysis
Coming into today EURUSD is now close to its 20 and 50 day averages, located at 1.184 and 1.1723 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 up over that time. Or to simplify this another way, note that out of the past 10 days EURUSD’s price has gone down 6 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURUSD, with 13 buy signals on our radar and 23 sell signals. This imputes a buy/sell ratio of 0.57, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, relative strength index and trendline technical patterns. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.
The RSI indicates a larger correction for EUR/USD as the oscillator reverses ahead of trendline resistance to retain the downward trend carried over from the end of July.