EUR/USD Up 9 Pips in Last Hour, Makes Big Move Relative to Past Month; Breaks Above 50 Day Average

Hourly Update

(Last Updated December 30, 2021 1:43 GMT)

Currently, EURUSD’s rate is up 9 pips (0.08%) from the hour prior. This is the 2nd consecutive hour EURUSD has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 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 entered today at 1.13522, up 41 pips (0.36%) from the day prior. Out of the 39 instruments in the Forex asset class, EURUSD ended up ranking 12th for the day in terms of price change. Let’s take a look at price chart of EURUSD.

EURUSD

EURUSD Technical Analysis

Notably, EURUSD crossed above its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 9 out of the past 14 days.