EURUSD Up 2 Pips Over Past Hour, is Inching Close to 20 Day Average; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated May 31, 2021 2:20 GMT)

Currently, EURUSD’s rate is up 2 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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)

The choppiness in the recent daily price action of EURUSD continues; to start today, it came in at a price of 1.2192, down 0 pips (0%) since the previous day. Compared to its peers in the Forex, EURUSD gave its buyers a return that ranked 24th in terms of percentage change since the previous day. Here is a 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. Volatility for EURUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days EURUSD’s price has gone up 9 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!