EUR/USD Up 3 Pips in Last Hour; Moves Up For the 2nd Day In A Row

Hourly Update

(Last Updated May 10, 2022 1:41 GMT)

At the moment, EURUSD’s rate is up 3 pips (0.03%) from the hour prior. EURUSD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 is up 23 pips (0.22%) since the previous day (opening today near 1.05678), marking the 2nd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, EURUSD ranked 20th the previous day in terms of percentage price change. Here is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Coming into today EURUSD is now close to its 20 day averages, located at 1.0682 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 down. Or to simplify this another way, note that out of the past 14 days EURUSD’s price has gone down 8 them.