EURUSD Down 1 Pips in Last Hour, Nears 20 and 50 Day Moving Averages; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated June 9, 2021 20:21 GMT)

At the time of this writing, EURUSD’s rate is down -1 pips (-0.01%) 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 trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Of note is that the 200 hour changed directions on EURUSD; it is now pointing up. 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)

The choppiness in the recent daily price action of EURUSD continues; to start today, it came in at a price of 1.21728, down 19 pips (0.15%) since the previous day. Out of the 39 instruments in the Forex asset class, EURUSD ended up ranking 27th for the day in terms of price change. Below is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Notably, 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. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days EURUSD’s price has gone up 16 them. Also, candlestick traders! Note we see doji pattern appearing here as well.