EUR/USD Up 5 Pips Over Past 4 Hours, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

EUR/USD 4 Hour Price Update

Updated July 29, 2020 01:13 AM GMT (09:13 PM EST)

EUR/USD entered the current 4 hour candle at 1.1719, up 5 pips (0.04%) from the previous 4 hours. Out of the 37 instruments in the Forex asset class, EUR/USD ended up ranking 15th for the four-hour candle in terms of price change.

EUR/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of EUR/USD continues; to start today, it came in at a price of 1.172, up 5 pips (0.04%) since the previous day. Out of the 40 instruments in the Forex asset class, EUR/USD ended up ranking 19th for the day in terms of price change. Let’s take a look at price chart of EUR/USD.

EUR/USD

EUR/USD Technical Analysis

Notably, EUR/USD is now close to its 20 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 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

Of note is that traders in aggregate have opinions on EURUSD, with 11 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.92, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a elliott wave technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

As Stochastic is showing a sign of an uptrend, with the price is at the long-term resistance line. I’m putting my stop-loss narrow at 1.16957, just in case any possible breakout can happen and take profit around 1.17765 with almost risk-and-reward ratio 2.68. All the best!