EUR/USD Down 5 Pips Over Past Hour, Entered Today Down For the 2nd Straight Day; Price Base in Formation Over Past 30 Days
This is a reversal of the price action on the previous hour, in which price moved up.
EURUSD
(Last Updated March 4, 2021)
Welcome to the news page for EURUSD (EURUSD). Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
Forex Calendar for EURUSD
| metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
|---|---|---|---|---|---|---|---|
| Euro Area Unemployment Rate | Jan 2021 | Euro | EUR | 2021-03-04 | 10:00 GMT | 8.3% | 8.1% |
| Euro Area Retail Sales YoY | Jan 2021 | Euro | EUR | 2021-03-04 | 10:00 GMT | -1.2% | -6.4% |
| Euro Area Retail Sales MoM | Jan 2021 | Euro | EUR | 2021-03-04 | 10:00 GMT | -1.1% | -5.9% |
| United States Unit Labour Costs QoQ Final | Q4 2020 | US Dollar | USD | 2021-03-04 | 13:30 GMT | 6.6% | |
| United States Nonfarm Productivity QoQ Final | Q4 2020 | US Dollar | USD | 2021-03-04 | 13:30 GMT | -4.7% |
The Trend
On EURUSD, we don’t see a clear trend until the 90 day basis, where we see a very slight uptrend.
EURUSD Moving Averages
EURUSD’s moving averages tell a multi-facted story about its trend. Of the 20, 50, 100, and 200 day averages — three of them (all but the 50) — are bullish, implying a upward trend, aside from a decline about 2 months prior.
Below is a chart showing EURUSD’s price with its moving averages.
In terms of correlations over the past week for EURUSD, it has been most correlated with USDSEK. If we zoom out to a two week basis, though, the asset showing the strongest correlation to EURUSD is AUDCAD. On the flip side, EURCAD has been the asset least correlated with EURUSD — the same as it has been over the past two weeks as well. The chart below illustrates EURUSD against its least correlated assets.
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The View From the Weekly Timeframe
Currently, EURUSD’s rate is down -20 pips (-0.17%) from the week prior. EURUSD has seen its price go down 4 out of the past 5 weeks, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 week timeframe. Looking further out, the moving averages on the weekly 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’s weekly price action over the past 52 weeks can be seen via the chart below.
EURUSD: The Monthly View
Strongest trend on the 24 month timeframe.
EURUSD Up 3 Pips in Last Hour, Came Into Today Down For the 2nd Straight Day; Price Base in Formation Over Past 30 Days
Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
EURUSD Up 1 Pips in Last Hour, Crosses 100 Day Moving Average; Pin Bar Pattern Appearing on Chart
The closest is the 100 day average, which is 14.1 pips away.
EURUSD Up 2 Pips in Last Hour; Breaks Above 100 Day Average
This is a reversal of the price action on the previous hour, in which price moved down.
EURUSD Up 1 Pips in Last Hour, Price Base in Formation Over Past 30 Days; Doji Pattern Appearing on Chart
Price action traders may also wish to note that we see a pin bar candlestick pattern on eurusd.
EURUSD Up 3 Pips in Last Hour, 2 Day Down Streak Snapped; Price Base in Formation Over Past 14 and 30 Days
Price action traders may also wish to note that we see a doji candlestick pattern on eurusd.
EURUSD Down 13 Pips On Hourly Chart, Price Base in Formation Over Past 30 Days; is Inching Close to 50 Day Average
The clearest trend exists on the 90 day timeframe, which shows price moving up over that time.
EURUSD Up 1 Pips in Last Hour, Price Base in Formation Over Past 30 Days; Nears 50 Day Moving Average
Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
EURUSD Down 2 Pips Over Past Hour, 3 Day Up Streak Snapped; Nears 50 Day Moving Average
Price action traders may also wish to note that we see a pin bar candlestick pattern on eurusd.
EURUSD Up 3 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Moves Up For the 3rd Day In A Row
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.