(Last Updated September 10, 2020 16:16 GMT)
At the moment, EURUSD’s rate is down -32 pips (-0.27%) from the hour prior. EURUSD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. 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 1.18021, is up 29 pips 0.24% since yesterday, marking a reversal from the day prior — and the end of a 6 day negative run. Relative to other instruments in the Forex asset class, EURUSD ranked 15th yesterday in terms of percentage price change. Here is a price chart of EURUSD.
EURUSD Technical Analysis
Coming into today 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. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 15 out of the past 30 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURUSD, with 13 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.93, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Trade confluences:-Broke 4H trendline to the upside-Creating market structure to the upside-Broke previous daily high -Left the demand zone and entered the indecision zone….Price is currently retracing before continuing to the upside….Enter above the zone per our rules for the sandwich and enter above the previous wicks which is also the golden zone at the 61.8% We are looking for price to return to last week’s high around the 1.20000 area.