EUR/USD Up 2 Pips in Last Hour; Crosses 50 Day Moving Average

Hourly Update

(Last Updated June 6, 2022 1:42 GMT)

Currently, EURUSD’s rate is up 2 pips (0.02%) from the hour prior. The hourly chart shows that EURUSD has seen 3 straight up hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURUSD. Given that we see downtrend 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)

EURUSD entered today at 1.0719, down 30 pips (0.28%) from the day prior. Out of the 39 instruments in the Forex asset class, EURUSD ended up ranking 29th for the day in terms of price change. Let’s take a look at price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

First things first: EURUSD crossed below its 50 day moving average 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 14 and 30 day timeframes. Or to simplify this another way, note that out of the past 14 days EURUSD’s price has gone up 7 them.