(Last Updated June 2, 2021 2:20 GMT)
Currently, EURUSD’s rate is up 4 pips (0.03%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURUSD has now gone down 8 of the past 10 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 200 hour changed directions on EURUSD; it is now pointing up. 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 entered today at 1.22165, down 18 pips (0.15%) from the previous day. Relative to other instruments in the Forex asset class, EURUSD ranked 23rd the previous day in terms of percentage price change. Below is a price chart of EURUSD.
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. Or to simplify this another way, note that out of the past 30 days EURUSD’s price has gone up 17 them.