EURUSD Down 1 Pips On Hourly Chart, 3 Day Up Streak Ended; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated October 6, 2021 10:19 GMT)

At the time of this writing, EURUSD’s rate is down -1 pips (-0.01%) from the hour prior. EURUSD has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURUSD. Given that we see downtrend on the 20 and 10 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)

A moment of silence, please, for the end of EURUSD’s 3 day up streak; price ended the previous day down 20 pips (-0.18%) to finish the day at a rate of 1.15962. Relative to other instruments in the Forex asset class, EURUSD ranked 34th the previous day in terms of percentage 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 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. Or to simplify this another way, note that out of the past 30 days EURUSD’s price has gone down 17 them.