EURUSD Up 6 Pips in Last Hour, Moves Up For the 2nd Day In A Row; Nears 20 and 50 Day Moving Averages

Hourly Update

(Last Updated February 22, 2021 23:20 GMT)

At the moment, EURUSD’s rate is up 6 pips (0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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. 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)

EURUSD is up 24 pips (0.2%) since yesterday (opening today near 1.21174), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, EURUSD gave its buyers a return that ranked 18th in terms of percentage change since yesterday. Let’s take a look at price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

The first thing we should note is that EURUSD is now close to its 20, 50, 100 and 200 day averages, located at 1.2086, 1.2149, 1.2037 and 1.1858 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 31.5 pips away. 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 10 days EURUSD’s price has gone up 6 them.