EUR/USD Up 17 Pips Over Past 4 Hours, Moves Up For the 3rd Day In A Row; Price Base in Formation Over Past 30 Days

EUR/USD 4 Hour Price Update

Updated May 20, 2020 05:08 PM GMT (01:08 PM EST)

EUR/USD is up 17 pips (0.16%) since the previous 4 hours (opening the current 4 hour candle near 1.098), marking the 5th candle in a row an increase has occurred. Relative to other instruments in the Forex asset class, EUR/USD ranked 9th the previous 4 hours in terms of percentage price change.

EUR/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/USD is up 5 pips (0.04%) since the previous day (opening today near 1.09268), marking the 3rd day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, EUR/USD ended up ranking 23rd for the day in terms of price change. Here is a price chart of EUR/USD.

EUR/USD Technical Analysis

The first thing we should note is that EUR/USD is now close to its 20, 50, 100 and 200 day averages, located at 1.0865, 1.0885, 1.0938 and 1.101 respectively, and thus may be at a key juncture along those timeframes. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days EUR/USD’s price has gone up 8 them. Also, candlestick traders! Note we see doji pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURUSD, with 8 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0.4, which is bearish. As for the rationale, technical traders seem to be citing the appearance of double top and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Looking for a pullback as EURUSD prints Knoxville Divergence at a point of resistance on structure and the Pivot indicator.