EUR/USD Down 2 Pips in Last Hour; Eyes 20 and 50 Day Averages

Hourly Update

(Last Updated November 13, 2020 1:31 GMT)

Currently, EURUSD’s rate is down -0.0002 (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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 1.18029, up 26 pips 0.22% from the previous day. Out of the 40 instruments in the Forex asset class, EURUSD ended up ranking 12th for the day in terms of price change. Below is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

The first thing we should note is that EURUSD is now close to its 20, 50 and 100 day averages, located at 1.1774, 1.1769 and 1.17 respectively, and thus may be at a key juncture along those timeframes. For additional context, note that price has gone down 8 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURUSD, with 25 buy signals on our radar and 27 sell signals. This imputes a buy/sell ratio of 0.93, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel and fibonacci technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

* Signals are tested successfully for 3.5 years with a steady win rate year on year until now….- 2 or more points (> = 2), the entry conditions are met- The entry point for the highest winning rate: when the price adjusts to the Upper / Lower line, the order price is at the closing price of the adjustment candle….———————————— Maximum risk / reward winning ratio: 1 / 1.05- Stoploss: Calculated from the entry point + – actual fluctuation with the formula ATR (20) * risk ratio (risk).