EUR/USD Down 3 Pips Over Past Hour, Moves Down For the 6th Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated November 17, 2021 1:48 GMT)

At the time of this writing, EURUSD’s rate is down -3 pips (-0.02%) from the hour prior. EURUSD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURUSD. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 is down 56 pips (0.5%) since yesterday (opening today near 1.13105), marking the 6th day in a row a decrease has occurred. Out of the 39 instruments in the Forex asset class, EURUSD ended up ranking 34th for the day in terms of price change. Here 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 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days EURUSD’s price has gone up 15 them.