EUR/USD Down 12 Pips in Last 4 Hours, Makes Big Move Relative to Two Week Trend; Price Base in Formation Over Past 30 Days

EUR/USD 4 Hour Price Update

Updated May 19, 2020 05:11 PM GMT (01:11 PM EST)

The choppiness in the recent four-hour candle price action of EUR/USD continues; to start the current 4 hour candle, it came in at a price of 1.0936, down 12 pips (0.11%) since the previous 4 hours. Compared to its peers in the Forex, EUR/USD gave its buyers a return that ranked 27th in terms of percentage change since the previous 4 hours.

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 1.09148, down 1 pips (0.01%) since yesterday. Relative to other instruments in the Forex asset class, EUR/USD ranked 32nd yesterday in terms of percentage price change. Below is a price chart of EUR/USD.

EUR/USD Technical Analysis

Coming into today the current price of EUR/USD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days EUR/USD’s price has gone down 8 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURUSD, with 4 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0.2, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The descending triangle is a bearish pattern where the price makes lower highs and similar lows. Therefore I’m shorting the EUR/USD