EUR/USD Up 5 Pips Over Past Hour, Moves Down For the 3rd Straight Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated November 23, 2021 1:41 GMT)

At the time of this writing, EURUSD’s rate is up 5 pips (0.04%) from the hour prior. The hourly chart shows that EURUSD has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURUSD. Given that we see downtrend 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 choppiness in price, as the 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 33 pips (0.29%) since the day prior (opening today near 1.12403), marking the 3rd straight day a decline has happened. Out of the 39 instruments in the Forex asset class, EURUSD ended up ranking 37th for the day in terms of price change. The price chart of EURUSD below illustrates.

EURUSD

EURUSD Technical Analysis

Coming into today the current price of EURUSD 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. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days EURUSD’s price has gone down 17 them.