EURUSD Down 0 Pips in Last Hour, Moves Up For the 3rd Day In A Row; Breaks Above 20 Day Average

Hourly Update

(Last Updated April 7, 2021 3:20 GMT)

Currently, EURUSD’s rate is down 0 pips (0%) 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 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURUSD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURUSD is up 57 pips (0.49%) since yesterday (opening today near 1.18731), marking the 3rd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, EURUSD ranked 6th yesterday in terms of percentage price change. Below is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURUSD crossed above its 20 day moving average yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 39.5 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 18 out of the past 30 days.