EURUSD Up 27 Pips On Hourly Chart, Moves Down For the 5th Straight Day; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated September 9, 2020 15:16 GMT)

At the moment, EURUSD’s rate is up 27 pips (0.23%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURUSD has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 and 50 hour moving averages, resulting in them so that price is now turning above them. 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 24 pips (0.2%) since the day prior (opening today near 1.18113), marking the 5th straight day a decrease has occurred. Compared to its peers in the Forex, EURUSD gave its buyers a return that ranked 28th in terms of percentage change since the day prior. Here is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Coming into today EURUSD is now close to its 20 and 50 day averages, located at 1.1842 and 1.1655 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone down 10 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURUSD, with 17 buy signals on our radar and 21 sell signals. This imputes a buy/sell ratio of 0.81, 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 tradingview.com; below is a short snippet from it to give you a taste.

BUY EURUSDTRENDLINEDAILY BULISH4H BULLISHW FORMATION ON 4 CHARTRISK TO REWARD 1;4


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram