EUR/USD Down 5 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; 2 Day Up Streak Snapped

Hourly Update

(Last Updated April 22, 2022 1:45 GMT)

At the time of this writing, EURUSD’s rate is down -5 pips (-0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 choppiness in the recent daily price action of EURUSD continues; to start today, it came in at a price of 1.08351, down 14 pips (0.13%) since yesterday. Compared to its peers in the Forex, EURUSD gave its buyers a return that ranked 26th in terms of percentage change since yesterday. Let’s take a look at price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Notably, EURUSD is now close to its 20 and 50 day averages, located at 1.0917 and 1.1042 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 9 out of the past 14 days.