EURUSD Down 11 Pips Over Past Hour, 6 Day Down Streak Snapped; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated September 11, 2020 16:16 GMT)

Currently, EURUSD’s rate is down -11 pips (-0.09%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURUSD has now gone down 5 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20, 200 and 50 hour moving averages have been crossed, with price now being below them. 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, which opened today priced near 1.18021, is up 29 pips 0.24% since the previous day, marking a reversal from the day prior — and the end of a 6 day negative run. Relative to other instruments in the Forex asset class, EURUSD ranked 15th the previous day in terms of percentage price change. Here is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Coming into today EURUSD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 15 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURUSD, with 22 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 1.1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

EUR/USD may continue to track the August range following the ECB meeting even though the RSI retains the downward trend carried over from the end of July.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram