EUR/USD Down 7 Pips in Last Hour, 2 Day Up Streak Ended; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated May 11, 2022 1:45 GMT)

At the moment, EURUSD’s rate is down -7 pips (-0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. 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)

The choppiness in the recent daily price action of EURUSD continues; to start today, it came in at a price of 1.05317, down 36 pips (0.34%) since yesterday. Relative to other instruments in the Forex asset class, EURUSD ranked 31st yesterday in terms of percentage price change. The price chart of EURUSD below illustrates.

EURUSD

EURUSD Technical Analysis

Notably, EURUSD is now close to its 20 day averages, located at 1.0668 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days EURUSD’s price has gone up 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.