EUR/USD Down 2 Pips in Last Hour, Moves Up For the 2nd Consecutive Day; Eyes 200 Day Average

Hourly Update

(Last Updated November 17, 2022 1:44 GMT)

At the time of this writing, EURUSD’s rate is down -2 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 46 pips (0.44%) since yesterday (opening today near 1.03935), marking the 2nd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, EURUSD ranked 13th yesterday in terms of percentage price change. Let’s take a look at price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Coming into today EURUSD is now close to its 200 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 200 day average, which is 29.1 pips away. The clearest trend exists on the 14 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 7 them.