(Last Updated June 3, 2021 4:21 GMT)
Currently, EURUSD’s rate is down -2 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURUSD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 is down 8 pips (0.06%) since yesterday (opening today near 1.22089), marking the 2nd consecutive day it has gone down. Compared to its peers in the Forex, EURUSD gave its buyers a return that ranked 24th in terms of percentage change since yesterday. The price chart of EURUSD below illustrates.
EURUSD Technical Analysis
The first thing we should note is that EURUSD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. Volatility for EURUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days.