EUR/USD Up 6 Pips Over Past Hour, 2 Day Up Streak Broken; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated December 29, 2021 1:45 GMT)

Currently, EURUSD’s rate is up 6 pips (0.05%) from the hour prior. The hourly chart shows that EURUSD has seen 3 straight up hours. 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)

The choppiness in the recent daily price action of EURUSD continues; to start today, it came in at a price of 1.13114, down 18 pips (0.16%) since yesterday. Out of the 39 instruments in the Forex asset class, EURUSD ended up ranking 26th for the day in terms of price change. The price chart of EURUSD below illustrates.

EURUSD

EURUSD Technical Analysis

The first thing we should note is that the current price of EURUSD is sitting close to its 20, 50 and 100 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 down over that time. Or to simplify this another way, note that out of the past 30 days EURUSD’s price has gone up 15 them.