EURUSD Down 6 Pips in Last Hour, 4 Day Up Streak Ended; Sentiment Strongly Favors Sellers

Hourly Update

(Last Updated November 19, 2020 2:19 GMT)

At the time of this writing, EURUSD’s rate is down -6 pips (-0.05%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURUSD has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend 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 downtrend on the 20 and 10 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 below it. 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)

A moment of silence, please, for the end of EURUSD’s 4 day up streak; price ended yesterday down 9 pips (-0.08%) to finish the day at a rate of 1.18522. Compared to its peers in the Forex, EURUSD gave its buyers a return that ranked 20th in terms of percentage change since yesterday. The price chart of EURUSD below illustrates.

EURUSD

EURUSD Technical Analysis

The first thing we should note is that the current price of EURUSD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!