EUR/USD Down 16 Pips On 4 Hour Chart, Eyes 20 Day Average; Pin Bar Pattern Appearing on Chart

EUR/USD 4 Hour Price Update

Updated May 15, 2020 01:07 PM GMT (09:07 AM EST)

The choppiness in the recent four-hour candle price action of EUR/USD continues; to start the current 4 hour candle, it came in at a price of 1.0798, down 16 pips (0.15%) since the previous 4 hours. Compared to its peers in the Forex, EUR/USD gave its buyers a return that ranked 22nd in terms of percentage change since the previous 4 hours.

EUR/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for EUR/USD, which started today off at 1.08074, up 3 pips 0.03% from the previous day. Compared to its peers in the Forex, EUR/USD gave its buyers a return that ranked 21st in terms of percentage change since the previous day. Let’s take a look at price chart of EUR/USD.

EUR/USD Technical Analysis

Coming into today the current price of EUR/USD is sitting close to its 20, 50, 100 and 200 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 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days EUR/USD’s price has gone up 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURUSD, with 18 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 1.38, which is bullish. As for the rationale, technical traders seem to be citing the appearance of divergence, fibonacci, relative strength index, stochastic and triangle technical patterns. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

German Q1 GDP contracts 2.2%. Euro Unmoved as Tight Range Persists.