EURUSD Down 6 Pips Over Past Hour, Came Into Today Up For the 2nd Straight Day; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated February 16, 2021 23:20 GMT)

At the moment, EURUSD’s rate is down -6 pips (-0.05%) from the hour prior. The hourly chart shows that EURUSD has seen 2 straight down hours. 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 doji 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURUSD is up 9 pips (0.07%) since the previous day (opening today near 1.21304), marking the 2nd straight day an upward move has occurred. Relative to other instruments in the Forex asset class, EURUSD ranked 20th the previous day in terms of percentage price change. The price chart of EURUSD below illustrates.

EURUSD

EURUSD Technical Analysis

Coming into today EURUSD is now close to its 20, 50, 100 and 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 50 day average, which is 28.8 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. 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 down 15 them.