EURUSD Up 1 Pips Over Past Hour, 2 Day Down Streak Snapped; Breaks Above 20 Day Average

Hourly Update

(Last Updated February 19, 2021 23:20 GMT)

At the time of this writing, EURUSD’s rate is up 1 pips (0.01%) from the hour prior. The hourly chart shows that EURUSD has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURUSD. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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)

EURUSD entered today at 1.20937, up 50 pips (0.42%) from the previous day. Out of the 39 instruments in the Forex asset class, EURUSD ended up ranking 7th for the day in terms of price change. The price chart of EURUSD below illustrates.

EURUSD

EURUSD Technical Analysis

Notably, EURUSD crossed above its 20 day moving average yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 5.9 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone down 15 out of the past 30 days.