EURUSD Down 4 Pips Over Past Hour, is Inching Close to 20 and 50 Day Averages; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated February 15, 2021 23:20 GMT)

At the moment, EURUSD’s rate is down -4 pips (-0.04%) 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. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Of note is that the 50 hour changed directions on EURUSD; it is now pointing down. 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 1.21216, up 3 pips (0.03%) from the previous day. Compared to its peers in the Forex, EURUSD gave its buyers a return that ranked 21st in terms of percentage change since the previous day. 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, 100 and 200 day averages, located at 1.2102, 1.216, 1.2019 and 1.1837 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 19.5 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 90 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 30 day timeframe. For additional context, note that price has gone up 7 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.