EURUSD Down 0 Pips in Last Hour, Makes Big Move Relative to Past Month; 4 Day Up Streak Snapped

Hourly Update

(Last Updated November 11, 2021 3:18 GMT)

Currently, EURUSD’s rate is down 0 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURUSD has now gone down 8 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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)

A moment of silence, please, for the end of EURUSD’s 4 day up streak; price ended yesterday down 107 pips (-0.93%) to finish the day at a rate of 1.14851. Out of the 39 instruments in the Forex asset class, EURUSD ended up ranking 37th for the day in terms of price change. The price chart of EURUSD below illustrates.

EURUSD

EURUSD Technical Analysis

Notably, EURUSD is now close to its 20, 50 and 100 day averages, located at 1.1597, 1.1628 and 1.1712 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 down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days EURUSD’s price has gone up 6 them.