EUR/USD 4 Hour Price Update
Updated June 29, 2020 09:08 PM GMT (05:08 PM EST)
EUR/USD entered the current 4 hour candle at 1.1235, down 0 pips (0%) from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, EUR/USD ended up ranking 19th for the four-hour candle in terms of price change.
EUR/USD End of Day Recap
Updated 00:30 GMT (04:30 EST)
EUR/USD is up 8 pips (0.07%) since the previous day (opening today near 1.12264), marking the 2nd day in a row an increase has occurred. Compared to its peers in the Forex, EUR/USD gave its buyers a return that ranked 4th in terms of percentage change since the previous day. The price chart of EUR/USD below illustrates.
EUR/USD Technical Analysis
Notably, 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. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 32.9 pips away. Volatility for EUR/USD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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 30 days EUR/USD’s price has gone up 19 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURUSD, with 23 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 1.35, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.
EUR/USD looks poised for a potential breakout, while Germany’s DAX 30 is perched at pivotal support as global coronavirus deaths surpass 500,000.