(Last Updated March 26, 2021 23:20 GMT)
At the moment, EURUSD’s rate is up 10 pips (0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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 an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them with price now being above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
EURUSD End of Day Recap
Updated 00:30 GMT (04:30 EST)
EURUSD is down 38 pips (0.32%) since the previous day (opening today near 1.17743), marking the 3rd day in a row a decline has happened. Relative to other instruments in the Forex asset class, EURUSD ranked 36th the previous day in terms of percentage price change. Let’s take a look at price chart of EURUSD.
EURUSD Technical Analysis
Notably, EURUSD is now close to its 20, 50 and 200 day averages, located at 1.1915, 1.2025 and 1.1941 respectively, and thus may be at a key juncture along those timeframes. 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 140.3 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days EURUSD’s price has gone down 8 them.