This imputes a buy/sell ratio of 1.83, which is bullish.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
As for the rationale, technical traders seem to be citing the appearance of demand zone and supply zone technical patterns.
Of note is that the 20 hour changed directions on euraud; it is now pointing down.
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.
Price action traders may also wish to note that we see a pin bar candlestick pattern on euraud.
Relative to other instruments in the forex asset class, euraud ranked 16th the previous day in terms of percentage price change.
This is a reversal of the price action on the previous hour, in which price moved down.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down.
For additional context, note that price has gone down 17 out of the past 30 days.