EURUSD Up 1 Pips Over Past Hour, Entered Today Up For the 3rd Consecutive Day; Eyes 20 Day Average

Hourly Update

(Last Updated September 15, 2020 23:17 GMT)

At the time of this writing, EURUSD’s rate is up 1 pips (0.01%) from the hour prior. This is the 2nd hour in a row EURUSD has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURUSD is up 29 pips (0.25%) since the day prior (opening today near 1.1843), marking the 3rd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, EURUSD ranked 9th the day prior in terms of percentage price change. The price chart of EURUSD below illustrates.

EURUSD

EURUSD Technical Analysis

Coming into today EURUSD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 8 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURUSD, with 13 buy signals on our radar and 21 sell signals. This imputes a buy/sell ratio of 0.62, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

EUR/USD may continue to retrace the decline from the 2020 high (1.2011) as the RSI threatens the downward trend carried over from the end of July.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram