EURUSD Up 6 Pips On Hourly Chart, in a Downtrend Over Past 30 Days; Eyes 20 Day Average

Hourly Update

(Last Updated July 23, 2021 2:20 GMT)

At the time of this writing, EURUSD’s rate is up 6 pips (0.05%) from the hour prior. EURUSD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURUSD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 back and forth price flow continues for EURUSD, which started today off at 1.17749, down 19 pips 0.16% from the previous day. Relative to other instruments in the Forex asset class, EURUSD ranked 25th the previous day in terms of percentage price change. Below is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Coming into today EURUSD is now close to its 20, 50, 100 and 200 day averages, located at 1.1827, 1.1973, 1.1998 and 1.2041 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 17 out of the past 30 days.