EURUSD Up 13 Pips On Hourly Chart; Nears 20 and 50 Day Moving Averages

Hourly Update

(Last Updated October 27, 2020 2:18 GMT)

At the time of this writing, EURUSD’s rate is up 13 pips (0.11%) from the hour prior. The hourly chart shows that EURUSD has seen 2 straight up hours. Regarding the trend, note that the strongest trend 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 downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being above it. 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 back and forth price flow continues for EURUSD, which started today off at 1.18085, down 49 pips 0.41% from the previous day. Out of the 40 instruments in the Forex asset class, EURUSD ended up ranking 38th for the day in terms of price change. Here is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Coming into today EURUSD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 13.4 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. 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 30 days EURUSD’s price has gone down 16 them.