EUR/USD Down 5 Pips On Hourly Chart; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated May 9, 2022 1:40 GMT)

Currently, EURUSD’s rate is down -5 pips (-0.05%) from the hour prior. EURUSD has seen its price go down 9 out of the past 10 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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)

The back and forth price flow continues for EURUSD, which started today off at 1.05446, up 4 pips 0.04% from the previous day. Relative to other instruments in the Forex asset class, EURUSD ranked 19th the previous day in terms of percentage price change. Let’s take a look at price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

The first thing we should note is that EURUSD is now close to its 20 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.