EUR/USD Up 1 Pips On Hourly Chart; Entered Today Up For the 2nd Straight Day

Hourly Update

(Last Updated August 2, 2022 1:39 GMT)

Currently, EURUSD’s rate is up 1 pips (0.01%) from the hour prior. EURUSD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar 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 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 up 37 pips (0.36%) since yesterday (opening today near 1.02637), marking the 2nd straight day an increase has occurred. Compared to its peers in the Forex, EURUSD gave its buyers a return that ranked 11th in terms of percentage change since yesterday. The price chart of EURUSD below illustrates.

EURUSD

EURUSD Technical Analysis

Notably, EURUSD is now close to its 20 and 50 day averages, located at 1.0161 and 1.0418 respectively, and thus may be at a key juncture along those timeframes. Volatility for EURUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 and 90 day timeframes. For additional context, note that price has gone up 9 out of the past 14 days.