EURUSD Down 12 Pips in Last Hour, Eyes 50 Day Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated October 13, 2020 2:18 GMT)

Currently, EURUSD’s rate is down -12 pips (-0.1%) from the hour prior. The hourly chart shows that EURUSD has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 and 50 hour moving averages have been crossed, with price now being below them. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

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 1.18104, down 19 pips (0.16%) since yesterday. Relative to other instruments in the Forex asset class, EURUSD ranked 23rd yesterday in terms of percentage price change. Below is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

The first thing we should note is that EURUSD is now close to its 20, 50 and 100 day averages, located at 1.1752, 1.18 and 1.1575 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 9.9 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. For additional context, note that price has gone up 7 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!