EURUSD Down 5 Pips Over Past Hour, Came Into Today Down For the 2nd Consecutive Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 15, 2021 3:20 GMT)

At the time of this writing, EURUSD’s rate is down -5 pips (-0.04%) 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. Of note is that the 20 hour changed directions on EURUSD; it is now pointing down. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURUSD is down 5 pips (0.04%) since the day prior (opening today near 1.21515), marking the 2nd consecutive day a decrease has occurred. Out of the 40 instruments in the Forex asset class, EURUSD ended up ranking 21st for the day in terms of price change. Let’s take a look at price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

The first thing we should note is that 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days EURUSD’s price has gone up 7 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!