EURUSD Down 5 Pips in Last Hour, 2 Day Up Streak Broken; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated October 12, 2021 0:19 GMT)

At the time of this writing, EURUSD’s rate is down -5 pips (-0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURUSD. Given that we see downtrend on the 20 and 10 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 entered today at 1.15644, down 6 pips (0.05%) from the day prior. Relative to other instruments in the Forex asset class, EURUSD ranked 25th 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 EURUSD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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. For additional context, note that price has gone down 19 out of the past 30 days.