EUR/USD Up 19 Pips On Hourly Chart, Moves Up For the 2nd Consecutive Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated June 16, 2022 1:41 GMT)

At the time of this writing, EURUSD’s rate is up 19 pips (0.18%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURUSD. Given that we see an uptrend on the 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 up 25 pips (0.24%) since yesterday (opening today near 1.04576), marking the 2nd consecutive day an upward move has occurred. Out of the 39 instruments in the Forex asset class, EURUSD ended up ranking 16th for the day in terms of price change. Here is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

The first thing we should note is that EURUSD is now close to its 20 and 50 day averages, located at 1.0644 and 1.0649 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 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days EURUSD’s price has gone down 7 them.