EUR/USD Down 2 Pips in Last Hour; Entered Today Up For the 2nd Consecutive Day

Hourly Update

(Last Updated August 5, 2022 1:42 GMT)

Currently, EURUSD’s rate is down -2 pips (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 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 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 89 pips (0.87%) since yesterday (opening today near 1.02477), marking the 2nd consecutive day it has gone up. Relative to other instruments in the Forex asset class, EURUSD ranked 4th yesterday in terms of percentage price change. Here is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Coming into today EURUSD is now close to its 20 and 50 day averages, located at 1.0159 and 1.0386 respectively, and thus may be at a key juncture along those timeframes. 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 90 day timeframe, which shows price moving down 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.