EUR/USD Down 6 Pips Over Past Hour, 2 Day Down Streak Ended; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated June 8, 2022 1:41 GMT)

Currently, EURUSD’s rate is down -6 pips (-0.05%) from the hour prior. EURUSD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend 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 an uptrend 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)

EURUSD entered today at 1.07007, up 12 pips (0.11%) from the day prior. Out of the 39 instruments in the Forex asset class, EURUSD ended up ranking 25th for the day in terms of price change. Here is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Coming into today EURUSD is now close to its 20, 50 and 100 day averages, located at 1.0625, 1.0707 and 1.0947 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 14 days EURUSD’s price has gone up 7 them.