EUR/USD Down 18 Pips Over Past 4 Hours, 2 Day Down Streak Snapped; Eyes 20 Day Average

EUR/USD 4 Hour Price Update

Updated June 26, 2020 01:13 PM GMT (09:13 AM EST)

The choppiness in the recent four-hour candle price action of EUR/USD continues; to start the current 4 hour candle, it came in at a price of 1.1208, down 18 pips (0.16%) since the last 4 hour candle. Compared to its peers in the Forex, EUR/USD gave its buyers a return that ranked 35th in terms of percentage change since the last 4 hour candle.

EUR/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of EUR/USD continues; to start today, it came in at a price of 1.12236, up 6 pips (0.06%) since yesterday. Out of the 40 instruments in the Forex asset class, EUR/USD ended up ranking 7th for the day in terms of price change. Here is a price chart of EUR/USD.

EUR/USD Technical Analysis

Coming into today EUR/USD is now close to its 20, 50, 100 and 200 day averages, located at 1.1269, 1.107, 1.1015 and 1.1029 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 45.2 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Volatility for EUR/USD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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 EUR/USD’s price has gone up 19 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURUSD, with 26 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 1.62, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

On the other hand we also have a triangle formation which leads to the possibility of BUY if we see a breakout of the formation….I would recommend to followe the Chart the next few hours and see if we get a breakout down selling or buying….As i see on FxPro, 79% of the retailtraders have placed BUY on this pair and only 21% SELL.