EUR/USD Down 4 Pips, is Inching Close to 20, 50 and 100 Day Averages; Pin Bar Pattern Appearing on Chart

EUR/USD Price Recap

1.10777 (USD) was the opening price of the day for EUR/USD, resulting in yesterday being a day in which price moved down 4 pips 0.03% from the day prior. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 21.09% from the day prior, and up 35.5% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/USD ranked 25th yesterday in terms of percentage price change. The price chart of EUR/USD below illustrates.

EUR/USD Technical Analysis

The first thing we should note is that the current price of EUR/USD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for EUR/USD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. For additional context, note that price has gone up 8 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURUSD, with 21 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 2.1, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci, head and shoulders and trendline technical patterns. Here’s a piece we ; below is a short snippet from it to give you a taste.
Based on the early price action and the current price at 1.1098, the direction of the EUR/USD the rest of the session on Thursday will be determined by trader reaction to the short-term Fibonacci level at 1.1102.