EURUSD Up 7 Pips in Last Hour; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated November 23, 2020 2:18 GMT)

Currently, EURUSD’s rate is up 7 pips (0.06%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURUSD has now gone up 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 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being above it. 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 back and forth price flow continues for EURUSD, which started today off at 1.18555, down 17 pips 0.14% from the previous day. Out of the 40 instruments in the Forex asset class, EURUSD ended up ranking 34th for the day in terms of price change. Below is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

The first thing we should note is that the current price of EURUSD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 15 out of the past 30 days.