(Last Updated June 7, 2021 3:20 GMT)
At the moment, EURUSD’s rate is down -4 pips (-0.04%) 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 20 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
EURUSD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of EURUSD continues; to start today, it came in at a price of 1.21658, down 1 pips (0.01%) since the previous day. Relative to other instruments in the Forex asset class, EURUSD ranked 20th the previous day in terms of percentage price change. Below is a price chart of EURUSD.
EURUSD Technical Analysis
The first thing we should note is that the current price of EURUSD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for EURUSD 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 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 16 out of the past 30 days.