EUR/USD Down 6 Pips On Hourly Chart, Moves Down For the 2nd Day In A Row; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated September 23, 2021 2:3 GMT)

At the moment, EURUSD’s rate is down -6 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 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 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)

EURUSD is down 34 pips (0.29%) since yesterday (opening today near 1.16891), marking the 2nd day in a row a decrease has occurred. Out of the 39 instruments in the Forex asset class, EURUSD ended up ranking 32nd for the day in terms of price change. Let’s take a look at price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Notably, EURUSD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 50 day average, which is 100.4 pips away. 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. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days EURUSD’s price has gone up 16 them.