EURUSD Down 2 Pips in Last Hour, 2 Day Down Streak Broken; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated September 18, 2020 23:16 GMT)

At the moment, EURUSD’s rate is down -2 pips (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURUSD has now gone down 4 of the past 5 hours. 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 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)

EURUSD entered today at 1.18474, up 32 pips (0.28%) from the previous day. Compared to its peers in the Forex, EURUSD gave its buyers a return that ranked 7th in terms of percentage change since the previous day. The price chart of EURUSD below illustrates.

EURUSD

EURUSD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURUSD crossed above its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURUSD, with 15 buy signals on our radar and 25 sell signals. This imputes a buy/sell ratio of 0.6, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a harmonic technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I forecast about EURUSD by shark harmonic and shows d target.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram