EURUSD Down 3 Pips Over Past Hour, Moves Up For the 3rd Consecutive Day; in an Uptrend Over Past 30 Days
This is a reversal of the price action on the previous hour, in which price moved up.
(Last Updated January 18, 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:
metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
---|---|---|---|---|---|---|---|
Euro Area Eurogroup Video Conference | NA | Euro | EUR | 2021-01-18 | 08:00 GMT | ||
Euro Area ECB President Lagarde Speech | NA | Euro | EUR | 2021-01-18 | 08:00 GMT | ||
European Union New Car Registrations YoY | Dec 2020 | Euro | EUR | 2021-01-19 | 07:00 GMT | ||
Euro Area Construction Output YoY | Nov 2020 | Euro | EUR | 2021-01-19 | 10:00 GMT | ||
Euro Area ZEW Economic Sentiment Index | Jan 2021 | Euro | EUR | 2021-01-19 | 10:00 GMT |
As for trends on EURUSD, we’re seeing a downtrend on shorter timeframes — but an uptrend on the 90 and 30 day timeframes. As such, traders with short positions should be aware of the uptrend in place on the longer timeframes.
The moving averages on EURUSD summarize its price action in an interesting way. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 20 are bullish, implying a upward trend, aside from a decline about 3 weeks prior. Moreover, it should also be noted that the 20 SMA just turned bearish today.
The chart below illustrates.
Regarding EURUSD’s correlations over the past 7 days, it has been most correlated with USDSEK. EURUSD has been most correlated with USDSEK over the past 14 days also, so this may be a structural correlation in the market. Alternatively, the asset least correlated with EURUSD over the past week has been ZARJPY, but if we observe the prior two weeks, the asset least correlated with EURUSD has been NZDCHF. The chart below illustrates EURUSD against its least correlated assets.
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At the moment, EURUSD’s rate is down -144 pips (-1.18%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved up. As for the trend on the weekly timeframe, we see the clearest trend 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. The weekly chart below shows EURUSD’s price action over the past year.
Strongest trend on the 120 month timeframe.
This is a reversal of the price action on the previous hour, in which price moved up.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.
Compared to its peers in the forex, eurusd gave its buyers a return that ranked 37th in terms of percentage change since yesterday.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
Volatility for eurusd has been contracting over the past two weeks relative to volatility over the past month.
It’s been a feast for bulls operating on an hourly timeframe, as eurusd has now gone up 4 of the past 5 hours.
Relative to other instruments in the forex asset class, eurusd ranked 25th yesterday in terms of percentage price change.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.