EURUSD Down 2 Pips On Hourly Chart; Crosses 20 Day Moving Average

Hourly Update

(Last Updated November 5, 2021 3:18 GMT)

Currently, EURUSD’s rate is down -2 pips (-0.02%) 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. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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)

The choppiness in the recent daily price action of EURUSD continues; to start today, it came in at a price of 1.16134, up 35 pips (0.3%) since the day prior. Relative to other instruments in the Forex asset class, EURUSD ranked 14th the day prior in terms of percentage price change. The price chart of EURUSD below illustrates.

EURUSD

EURUSD Technical Analysis

Notably, EURUSD crossed above its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 7 out of the past 14 days.