EUR/USD Up 88 Pips On 4 Hour Chart; Eyes 20 and 50 Day Averages

EUR/USD 4 Hour Price Update

Updated May 18, 2020 05:05 PM GMT (01:05 PM EST)

EUR/USD is up 88 pips (0.81%) since the last 4 hour candle (opening the current 4 hour candle near 1.0909), marking the 2nd candle in a row an upward move has occurred. Relative to other instruments in the Forex asset class, EUR/USD ranked 4th the last 4 hour candle in terms of percentage price change.

EUR/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of EUR/USD continues; to start today, it came in at a price of 1.08211, up 5 pips (0.05%) since yesterday. Out of the 40 instruments in the Forex asset class, EUR/USD ended up ranking 11th for the day in terms of price change. Let’s take a look at price chart of EUR/USD.

EUR/USD Technical Analysis

The first thing we should note is that EUR/USD is now close to its 20, 50, 100 and 200 day averages, located at 1.0851, 1.0875, 1.0939 and 1.101 respectively, and thus may be at a key juncture along those timeframes. Or to simplify this another way, note that out of the past 14 days EUR/USD’s price has gone down 8 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURUSD, with 13 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 1.44, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

This is just a trade that I’ve been watching since yesterday. I waited for the alligator to give me buying confirmation as well as the candlestick breaking through the resistance ! Gonna go into this long and ride it up hopefully out of the red fib zone‼️💸