EURUSD Up 3 Pips Over Past Hour; Moves Down For the 2nd Day In A Row

Hourly Update

(Last Updated March 26, 2021 1:20 GMT)

At the time of this writing, EURUSD’s rate is up 3 pips (0.03%) from the hour prior. The hourly chart shows that EURUSD has seen 3 straight up hours. 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 downtrend 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURUSD is down 32 pips (0.27%) since yesterday (opening today near 1.18125), marking the 2nd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, EURUSD ranked 30th yesterday in terms of percentage price change. The price chart of EURUSD below illustrates.

EURUSD

EURUSD Technical Analysis

The first thing we should note is that EURUSD is now close to its 20, 50, 100 and 200 day averages, located at 1.193, 1.2033, 1.2086 and 1.1941 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 117.7 pips away. Volatility for EURUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days EURUSD’s price has gone down 8 them.