(Last Updated September 24, 2020 0:17 GMT)
At the time of this writing, EURUSD’s rate is down -1 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 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)
EURUSD is down 63 pips (0.53%) since the previous day (opening today near 1.17077), marking the 3rd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, EURUSD ranked 33rd the previous day in terms of percentage price change. The price chart of EURUSD below illustrates.
EURUSD Technical Analysis
First things first: EURUSD crossed below its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days EURUSD’s price has gone up 5 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURUSD, with 9 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel, demand zone, elliott wave and fibonacci technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
EUR/USD Technical and Fundamental forecast….As you may know, the elections are ramping up to speed and are approaching fast….With the addition of this COVID pandemic, we may see a weakening dollar (or stronger).