EURUSD Down 5 Pips in Last Hour, Moves Up For the 2nd Consecutive Day; Eyes 20 Day Average

Hourly Update

(Last Updated April 6, 2021 2:19 GMT)

Currently, EURUSD’s rate is down -5 pips (-0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists 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)

EURUSD is up 51 pips (0.44%) since yesterday (opening today near 1.18157), marking the 2nd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, EURUSD ranked 5th yesterday in terms of percentage price change. Below is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Coming into today EURUSD is now close to its 20, 50, 100 and 200 day averages, located at 1.1837, 1.1968, 1.2065 and 1.1939 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 21.7 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 down. Or to simplify this another way, note that out of the past 10 days EURUSD’s price has gone up 5 them.