EURUSD Up 14 Pips On Hourly Chart, in an Uptrend Over Past 30 Days; Nears 20 Day Moving Average

Hourly Update

(Last Updated June 7, 2021 17:20 GMT)

At the moment, EURUSD’s rate is up 14 pips (0.12%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURUSD has now gone up 4 of the past 5 hours. 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 a doji candlestick pattern on EURUSD. Given that we see an uptrend on the 10 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, with price now being above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

The back and forth price flow continues for EURUSD, which started today off at 1.21658, down 1 pips 0.01% from yesterday. Compared to its peers in the Forex, EURUSD gave its buyers a return that ranked 20th in terms of percentage change since yesterday. 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, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 14 days.