EUR/USD Down 45 Pips Over Past 4 Hours, Moves Up For the 4th Day In A Row; is Inching Close to 100 and 200 Day Averages

EUR/USD 4 Hour Price Update

Updated May 21, 2020 05:07 PM GMT (01:07 PM EST)

EUR/USD entered the current 4 hour candle at 1.0953, down 45 pips (0.41%) from the last 4 hour candle. Relative to other instruments in the Forex asset class, EUR/USD ranked 33rd the last 4 hour candle in terms of percentage price change.

EUR/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/USD is up 1 pips (0.01%) since the previous day (opening today near 1.0979), marking the 4th day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, EUR/USD ranked 26th the previous day in terms of percentage price change. Below is a price chart of EUR/USD.

EUR/USD Technical Analysis

Coming into today EUR/USD is now close to its 20, 50, 100 and 200 day averages, located at 1.0876, 1.089, 1.0938 and 1.1011 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days EUR/USD’s price has gone up 9 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURUSD, with 8 buy signals on our radar and 27 sell signals. This imputes a buy/sell ratio of 0.3, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Could we be breaking out of the range we have been stuck in for a long period of time?…If we are, then I will be looking for a break above and re-test of the 1.1 Level….However, if we enter back into the descending trendline we could look for shorting opportunities off of the previous structure re-test.