EURUSD Down 9 Pips On Hourly Chart, 3 Day Up Streak Snapped; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated January 4, 2021 2:19 GMT)

Currently, EURUSD’s rate is down -9 pips (-0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 20, 50, 100 and 200 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, which opened today priced near 1.22157, is down 77 pips 0.63% since the previous day, marking a reversal from the day prior — and the end of a 3 day positive run. Relative to other instruments in the Forex asset class, EURUSD ranked 37th the previous day in terms of percentage price change. Here is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Notably, the current price of EURUSD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for EURUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days EURUSD’s price has gone up 8 them.