EURUSD Down 4 Pips On Hourly Chart; Breaks Below 20 Day Average

Hourly Update

(Last Updated September 22, 2020 0:16 GMT)

At the time of this writing, EURUSD’s rate is down -4 pips (-0.03%) from the hour prior. The hourly chart shows that EURUSD has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURUSD. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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)

The choppiness in the recent daily price action of EURUSD continues; to start today, it came in at a price of 1.18368, down 11 pips (0.09%) since yesterday. Relative to other instruments in the Forex asset class, EURUSD ranked 21st yesterday in terms of percentage price change. The price chart of EURUSD below illustrates.

EURUSD

EURUSD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURUSD crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 15 out of the past 30 days.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram