EUR/USD Up 3 Pips in Last 4 Hours, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

EUR/USD 4 Hour Price Update

Updated July 30, 2020 01:07 AM GMT (09:07 PM EST)

EUR/USD is up 3 pips (0.03%) since the last 4 hour candle (opening the current 4 hour candle near 1.1782), marking the 3rd candle in a row an upward move has occurred. Relative to other instruments in the Forex asset class, EUR/USD ranked 10th the last 4 hour candle in terms of percentage price change.

EUR/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of EUR/USD continues; to start today, it came in at a price of 1.17866, down 5 pips (0.04%) since the day prior. Relative to other instruments in the Forex asset class, EUR/USD ranked 28th the day prior in terms of percentage price change. Here is a price chart of EUR/USD.

EUR/USD

EUR/USD Technical Analysis

Coming into today the current price of EUR/USD is sitting close to its 20 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 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days EUR/USD’s price has gone up 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURUSD, with 22 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 1.22, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

Current market conditions may keep EUR/USD afloat as the Relative Strength Index (RSI) sits in overbought territory.