EUR/USD Up 3 Pips Over Past 4 Hours, Makes Big Move Relative to Two Week Trend; Pin Bar Pattern Appearing on Chart

EUR/USD 4 Hour Price Update

Updated July 02, 2020 01:18 AM GMT (09:18 PM EST)

The back and forth price flow continues for EUR/USD, which started the current 4 hour candle off at 1.1253, up 3 pips 0.03% from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, EUR/USD ended up ranking 9th for the four-hour candle in terms of price change.

EUR/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/USD is up 3 pips (0.03%) since the previous day (opening today near 1.12529), marking the 2nd day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, EUR/USD ended up ranking 14th for the day in terms of price change. Here is a price chart of EUR/USD.

EUR/USD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EUR/USD crossed above its 20 day moving average yesterday. 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 20 day average, which is 2.3 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days EUR/USD’s price has gone up 6 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURUSD, with 13 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 1.08, 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.

A falling wedge pattern has formed, and there exists the potential for a reversal movement and further continuation of its uptrend in case of breakthrough the resistance of a flag pattern.Best Regards EXCAVO