EUR/USD Up 2 Pips in Last Hour, 6 Day Down Streak Broken; Crosses 20 and 50 Day Moving Averages

Hourly Update

(Last Updated November 7, 2022 1:39 GMT)

At the time of this writing, EURUSD’s rate is up 2 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 some doji and pin bar candlestick patterns 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)

After 6 down days, EURUSD snaps its streak, rising 209 pips (2.14%) over the past day to close at an exchange rate of 0.99581. Out of the 39 instruments in the Forex asset class, EURUSD ended up ranking 3rd for the day in terms of price change. Here is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Notably, EURUSD crossed above its 20 and 50 day moving averages yesterday. 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. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. For additional context, note that price has gone up 7 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.