EURUSD Up 6 Pips On Hourly Chart, 2 Day Down Streak Broken; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated October 8, 2021 10:19 GMT)

At the time of this writing, EURUSD’s rate is up 6 pips (0.05%) from the hour prior. This is the 3rd hour in a row EURUSD has seen its price head up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURUSD. Given that we see downtrend on the 20 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 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)

The back and forth price flow continues for EURUSD, which started today off at 1.15597, up 5 pips 0.05% from yesterday. Out of the 39 instruments in the Forex asset class, EURUSD ended up ranking 23rd for the day in terms of price change. Below is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Notably, EURUSD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 6 out of the past 10 days.