EUR/USD Price Recap
EUR/USD is down 85 pips (0.75%) since yesterday (with its current price near 1.11845), marking the 3rd day in a row it has gone down. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 67.27% from the day prior, and up 104.89% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/USD ranked 24th yesterday in terms of percentage price change. Here is a price chart of EUR/USD.
EUR/USD Technical Analysis
Coming into today EUR/USD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. Something else of critical noteworthiness is that EUR/USD may have broken its trend on the 14 day basis, as the trend’s momentum appears to be slowing down. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days EUR/USD’s price has gone down 15 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURUSD, with 12 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.09, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Rational: – Good R/R – Strong bounce at support – Touched 0.618 Fib retracement – Impulsive waves ( start of wave 3)