EURUSD Down 7 Pips in Last Hour, 3 Day Down Streak Ended; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated October 15, 2021 1:19 GMT)

At the time of this writing, EURUSD’s rate is down -7 pips (-0.06%) from the hour prior. This is the 2nd consecutive hour EURUSD has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 3 down days, EURUSD snaps its streak, rising 66 pips (0.57%) over the past day to close at an exchange rate of 1.15967. Out of the 39 instruments in the Forex asset class, EURUSD ended up ranking 4th for the day in terms of price change. The price chart of EURUSD below illustrates.

EURUSD

EURUSD Technical Analysis

Coming into today EURUSD is now close to its 20, 50 and 100 day averages, located at 1.1625, 1.1721 and 1.1778 respectively, and thus may be at a key juncture along those timeframes. Volatility for EURUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days EURUSD’s price has gone down 18 them. We’re also seeing a bullish engulfing pattern here, and given the downtrend on the 30, 90 and 14 day