EUR/USD Up 7 Pips in Last Hour, 3 Day Up Streak Ended; Breaks Below 100 Day Average

Hourly Update

(Last Updated November 10, 2022 1:50 GMT)

Currently, EURUSD’s rate is up 7 pips (0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji 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)

EURUSD, which opened today priced near 1.00147, is down 64 pips 0.64% since yesterday, marking a reversal from the day prior — and the end of a 3 day positive run. Relative to other instruments in the Forex asset class, EURUSD ranked 29th yesterday in terms of percentage price change. Here is a price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURUSD crossed below its 100 day moving average yesterday. 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 100 day average, which is 22.5 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 30 days EURUSD’s price has gone up 15 them.