EUR/USD Up 32 Pips in Last 4 Hours, 3 Day Down Streak Snapped; in a Downtrend Over Past 14 Days

EUR/USD 4 Hour Price Update

Updated March 24, 2020 03:18 AM GMT (11:18 PM EST)

EUR/USD entered the current 4 hour candle at 1.0763, up 32 pips (0.3%) from the last 4 hour candle. Out of the 36 instruments in the Forex asset class, EUR/USD ended up ranking 15th for the four-hour candle in terms of price change.

EUR/USD Daily New York Session Recap

Updated 21:00 GMT (17:00 EST)

EUR/USD, which opened today’s post-New York session priced near 1.06971, is up 6 pips 0.06% since the close of the previous day’s New York session, marking a reversal from the day prior — and the end of a 3 day negative run. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 0.08% from the day prior, and up 135.19% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/USD ranked 22nd the close of the previous day’s New York session in terms of percentage price change. The price chart of EUR/USD below illustrates.

EUR/USD Technical Analysis

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 50 day average, which is 322 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 15 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURUSD, with 15 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.36, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Long idea for EurUsd with a potentially new channel on the 4H time frame. 200 pips to the upside