EURUSD Up 1 Pips On Hourly Chart, Eyes 20 and 50 Day Averages; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated June 10, 2021 7:20 GMT)

Currently, EURUSD’s rate is up 1 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists 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 downtrend on the 20 and 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 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)

The choppiness in the recent daily price action of EURUSD continues; to start today, it came in at a price of 1.21784, up 6 pips (0.05%) since the day prior. Relative to other instruments in the Forex asset class, EURUSD ranked 15th the day prior in terms of percentage price change. Let’s take a look at price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Coming into today the current price of EURUSD 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days EURUSD’s price has gone up 17 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.