EUR/USD Heads Down For the 3rd Day In A Row; in an Uptrend Over Past 30 Days

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 a decrease has occurred. 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. Out of the 40 instruments in the Forex asset class, EUR/USD ended up ranking 24th for the day in terms of day-over-day price change. Let’s take a look at price chart of EUR/USD.

EUR/USD Technical Analysis

Notably, 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURUSD, with 16 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0.8, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

EUR/USD may face a larger pullback going into the European Central Bank (ECB) meeting as the Relative Strength Index (RSI) falls back from overbought territory.