(Last Updated September 8, 2021 0:19 GMT)
Currently, EURUSD’s rate is up 1 pips (0.01%) from the hour prior. This is the 2nd consecutive hour EURUSD has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar 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)
A moment of silence, please, for the end of EURUSD’s 5 day up streak; price ended the previous day down 14 pips (-0.12%) to finish the day at a rate of 1.18715. Relative to other instruments in the Forex asset class, EURUSD ranked 26th the previous day in terms of percentage price change. The price chart of EURUSD below illustrates.
EURUSD Technical Analysis
The first thing we should note is that EURUSD is now close to its 20, 50, 100 and 200 day averages, located at 1.1782, 1.1799, 1.1929 and 1.1971 respectively, and thus may be at a key juncture along those timeframes. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days EURUSD’s price has gone down 16 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!