EUR/USD Down 2 Pips On Hourly Chart, Came Into Today Down For the 2nd Consecutive Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated June 2, 2022 1:42 GMT)

At the time of this writing, 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 down 83 pips (0.77%) since the previous day (opening today near 1.0652), marking the 2nd consecutive day it has gone down. Relative to other instruments in the Forex asset class, EURUSD ranked 35th the previous day in terms of percentage price change. Here 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 and 50 day averages, located at 1.0591 and 1.0731 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days EURUSD’s price has gone up 8 them.