EUR/USD Up 7 Pips Over Past Hour, Came Into Today Down For the 4th Day In A Row; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated November 2, 2022 1:40 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 is down 9 pips (0.09%) since the previous day (opening today near 0.98772), marking the 4th day in a row it has gone down. Out of the 39 instruments in the Forex asset class, EURUSD ended up ranking 16th for the day in terms of price change. Let’s take a look at price chart of EURUSD.

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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 5 out of the past 10 days.