(Last Updated January 7, 2021 2:19 GMT)
At the moment, EURUSD’s rate is down -3 pips (-0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
EURUSD End of Day Recap
Updated 00:30 GMT (04:30 EST)
EURUSD is up 32 pips (0.26%) since the day prior (opening today near 1.23237), marking the 3rd consecutive day it has gone up. Out of the 40 instruments in the Forex asset class, EURUSD ended up ranking 17th for the day in terms of price change. Below is a price chart of EURUSD.
EURUSD Technical Analysis
Coming into today the current price of EURUSD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for EURUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 10 days.