(Last Updated November 11, 2020 0:18 GMT)
At the time of this writing, EURUSD’s rate is up 3 pips (0.03%) from the hour prior. The hourly chart shows that EURUSD has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. 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)
A moment of silence, please, for the end of EURUSD’s 4 day up streak; price ended the day prior down 60 pips (-0.5%) to finish the day at a rate of 1.18126. Relative to other instruments in the Forex asset class, EURUSD ranked 27th the day prior in terms of percentage price change. Below is a price chart of EURUSD.
EURUSD Technical Analysis
Coming into today EURUSD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 50 day average, which is 39.3 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Also of note is that on a 30 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.