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.
Volatility for eurtry has been contracting over the past two weeks relative to volatility over the past month.
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up.
From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes.
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
Price action traders may also wish to note that we see a doji candlestick pattern on eurtry.
For context, observe that the day prior was noteworthy in the sense that eurtry bested all 39 of the assets in the forex class.
It’s been a feast for bulls operating on an hourly timeframe, as eurtry has now gone up 4 of the past 5 hours.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
Compared to its peers in the forex, eurtry gave its buyers a return that ranked 3rd in terms of percentage change since yesterday.