EURUSD Up 1 Pips On Hourly Chart, Entered Today Up For the 3rd Consecutive Day; Eyes 20 Day Average

Hourly Update

(Last Updated September 14, 2020 23:16 GMT)

Currently, EURUSD’s rate is up 1 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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 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 29 pips (0.25%) since the day prior (opening today near 1.1843), marking the 3rd consecutive day it has gone up. Compared to its peers in the Forex, EURUSD gave its buyers a return that ranked 9th in terms of percentage change since the day prior. The price chart of EURUSD below illustrates.

EURUSD

EURUSD Technical Analysis

Notably, the current price of EURUSD is sitting close to its 20 and 50 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 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days EURUSD’s price has gone down 8 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURUSD, with 22 buy signals on our radar and 27 sell signals. This imputes a buy/sell ratio of 0.81, which is neutral. As for the rationale, technical traders seem to be citing the appearance of elliott wave and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

if so, traders can set orders based on Price Action and expect to reach short-term targets.” Technical analysis: ….Be sure to leave a comment let us know how you see this opportunity and forecast….Trade well, ❤️ForecastCity English Support Team ❤️


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