EUR/USD Up 3 Pips On Hourly Chart, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated December 28, 2021 1:43 GMT)

At the time of this writing, EURUSD’s rate is up 3 pips (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji 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 6 pips (0.05%) since the day prior (opening today near 1.1329), marking the 2nd day in a row it has gone up. Relative to other instruments in the Forex asset class, EURUSD ranked 22nd the day prior in terms of percentage price change. Let’s take a look at price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Coming into today the current price of EURUSD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days EURUSD’s price has gone up 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.