EUR/USD Down 43 Pips; in a Downtrend Over Past 30 Days

EUR/USD Price Recap

The back and forth price flow continues for EUR/USD, which starts today off at 1.07913 US dollars, down 43 pips 0.4% from the previous day. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 98.87% from the day prior, but down 13.91% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/USD ended up ranking 33rd for the day in terms of day-over-day price change. Let’s take a look at price chart of EUR/USD.

EUR/USD Technical Analysis

Notably, the current price of EUR/USD 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. 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 176.9 pips away. Volatility for EUR/USD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. 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 14 days EUR/USD’s price has gone down 10 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURUSD, with 28 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 3.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

US data has been good but expectations remain for the FOMC to cut in 2020; yet the US Dollar continues to march higher as EUR/USD breaks down.