EUR/USD Down 4 Pips On Hourly Chart, Moves Down For the 2nd Consecutive Day; Eyes 50 Day Average

Hourly Update

(Last Updated June 7, 2022 1:42 GMT)

At the moment, EURUSD’s rate is down -4 pips (-0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend 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)

EURUSD is down 30 pips (0.28%) since the day prior (opening today near 1.06886), marking the 2nd consecutive day a decline has happened. Compared to its peers in the Forex, EURUSD gave its buyers a return that ranked 33rd in terms of percentage change since the day prior. Below is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Coming into today 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. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. For additional context, note that price has gone down 7 out of the past 14 days.