EUR/USD Down 4 Pips in Last Hour, 6 Day Down Streak Snapped; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated May 2, 2022 1:40 GMT)

At the moment, EURUSD’s rate is down -4 pips (-0.04%) 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. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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)

After 6 down days, EURUSD snaps its streak, rising 48 pips (0.45%) over the past day to close at an exchange rate of 1.05477. Compared to its peers in the Forex, EURUSD gave its buyers a return that ranked 12th in terms of percentage change since yesterday. Let’s take a look at price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Coming into today the current price of EURUSD is sitting close to its 20 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 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days EURUSD’s price has gone down 7 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!