EUR/USD Down 8 Pips Over Past Hour, Underperforms All Forex; Moves Down For the 2nd Consecutive Day

Hourly Update

(Last Updated September 22, 2022 1:40 GMT)

At the time of this writing, EURUSD’s rate is down -8 pips (-0.08%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURUSD has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 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)

EURUSD is down 139 pips (1.39%) since yesterday (opening today near 0.98331), marking the 2nd consecutive day it has gone down. Those trading within the Forex asset class should know that EURUSD was the worst performer in the class. Let’s take a look at price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Coming into today EURUSD is now close to its 20 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down 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. Or to simplify this another way, note that out of the past 30 days EURUSD’s price has gone up 17 them.