EURUSD Down 11 Pips Over Past Hour; is Inching Close to 50 and 200 Day Averages

Hourly Update

(Last Updated April 9, 2021 3:20 GMT)

At the moment, EURUSD’s rate is down -11 pips (-0.09%) from the hour prior. EURUSD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 an uptrend 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURUSD entered today at 1.19153, up 43 pips (0.36%) from the previous day. Out of the 39 instruments in the Forex asset class, EURUSD ended up ranking 4th for the day in terms of price change. Here is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Coming into today EURUSD is now close to its 20, 50, 100 and 200 day averages, located at 1.1831, 1.1958, 1.2058 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 200 day average, which is 25.9 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. 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 30 days EURUSD’s price has gone down 17 them.