EUR/USD Down 3 Pips in Last 4 Hours, Moves Up For the 4th Day In A Row; Sentiment Strongly Favors Sellers

EUR/USD 4 Hour Price Update

Updated May 21, 2020 12:45 AM GMT (08:45 PM EST)

EUR/USD, which opened the current 4 hour candle priced near 1.0978, is down 3 pips 0.03% since the previous 4 hours, marking a reversal from the candle prior — and the end of a 6 four-hour candle positive run. Relative to other instruments in the Forex asset class, EUR/USD ranked 25th the previous 4 hours in terms of percentage price change.

EUR/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/USD is up 1 pips (0.01%) since the day prior (opening today near 1.0979), marking the 4th day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, EUR/USD ranked 26th the day prior in terms of percentage price change. Let’s take a look at price chart of EUR/USD.

EUR/USD Technical Analysis

Notably, EUR/USD is now close to its 20, 50, 100 and 200 day averages, located at 1.0876, 1.089, 1.0938 and 1.1011 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 6 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURUSD, with 4 buy signals on our radar and 22 sell signals. This imputes a buy/sell ratio of 0.18, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a triple top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Recently we’ve seen price breaking alot of levels. This time price is at my long term Trendline. if it does respects it, we could be going all the way south. If it breaks then bias changes.