EURUSD Up 2 Pips On Hourly Chart, Crosses 20 Day Moving Average; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated January 12, 2021 2:20 GMT)

At the time of this writing, EURUSD’s rate is up 2 pips (0.02%) from the hour prior. This is the 3rd straight hour EURUSD has seen its price head up. 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 pin bar 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. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURUSD is down 69 pips (0.57%) since the day prior (opening today near 1.21497), marking the 3rd day in a row it has gone down. Relative to other instruments in the Forex asset class, EURUSD ranked 34th the day prior in terms of percentage price change. Let’s take a look at price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

First things first: EURUSD crossed below its 20 day moving average yesterday. 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 16 them.