EUR/USD Up 1 Pips On Hourly Chart; Moves Down For the 5th Straight Day

Hourly Update

(Last Updated November 16, 2021 1:47 GMT)

At the time of this writing, 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. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURUSD. Given that we see downtrend on the 20 and 10 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 down 74 pips (0.65%) since the day prior (opening today near 1.13669), marking the 5th straight day it has gone down. Relative to other instruments in the Forex asset class, EURUSD ranked 36th the day prior in terms of percentage price change. The price chart of EURUSD below illustrates.

EURUSD

EURUSD Technical Analysis

Coming into today EURUSD is now close to its 20 and 50 day averages, located at 1.1555 and 1.16 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days EURUSD’s price has gone down 8 them.