EURUSD Down 4 Pips On Hourly Chart, Came Into Today Down For the 3rd Consecutive Day; in a Downtrend Over Past 14 Days
It’s been a feast for bears operating on an hourly timeframe, as eurusd has now gone down 4 of the past 5 hours.
EURUSD
(Last Updated March 16, 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 ECB Enria Speech | NA | Euro | EUR | 2021-03-16 | 11:00 GMT | ||
| United States Retail Sales MoM | Feb 2021 | US Dollar | USD | 2021-03-16 | 12:30 GMT | -0.5% | -3% |
| United States Retail Sales Ex Autos MoM | Feb 2021 | US Dollar | USD | 2021-03-16 | 12:30 GMT | -0.1% | -2.7% |
| United States Export Prices MoM | Feb 2021 | US Dollar | USD | 2021-03-16 | 12:30 GMT | 0.9% | 1.6% |
| United States Import Prices MoM | Feb 2021 | US Dollar | USD | 2021-03-16 | 12:30 GMT | 1.2% | 1.3% |
The Trend
If we observe the 30 and 14 day timeframes, we see a downtrend in place for EURUSD.
EURUSD Moving Averages
Nuances in the trend on EURUSD can be understood by observing the behavior of its moving averages. The 100 and 200 day averages are pointing upwards, suggesting a bullish trend, while the 20 and 50 day averages are pointing downward, suggesting a bearish trend on those timeframes. Ultimately, this suggests a bearish trend on shorter timeframes, compared to a bullish trend when observing more than 3 months of data.
The chart below illustrates.
In terms of correlations over the past week for EURUSD, it has been most correlated with USDJPY. If we zoom out to a two week basis, though, the asset showing the strongest correlation to EURUSD is NZDCAD. On the flip side, the asset least correlated with EURUSD over the past week has been CHFJPY, but if we observe the prior two weeks, the asset least correlated with EURUSD has been AUDNZD. See the chart below to observe the recent price action in EURUSD versus those of assets it hasn’t been well correlated with.
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The View From the Weekly Timeframe
Currently, EURUSD’s rate is down -14 pips (-0.11%) 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. As for the trend on the weekly timeframe, we see the clearest trend on the 10 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
Monthly trend: strongest on the 120 month timeframe.
EURUSD Down 3 Pips in Last Hour, Entered Today Down For the 2nd Day In A Row; in a Downtrend Over Past 90 Days
The closest is the 20 day average, which is 118 pips away.
EURUSD Up 10 Pips in Last Hour; Came Into Today Down For the 3rd Day In A Row
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
EURUSD Up 3 Pips Over Past Hour; Moves Down For the 2nd Day In A Row
Relative to other instruments in the forex asset class, eurusd ranked 30th yesterday in terms of percentage price change.
EURUSD Up 2 Pips in Last Hour; in a Downtrend Over Past 30 Days
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down.
EURUSD Down 7 Pips Over Past Hour, 3 Day Down Streak Snapped; Price Base in Formation Over Past 14 Days
Relative to other instruments in the forex asset class, eurusd ranked 4th the previous day in terms of percentage price change.
EURUSD Down 0 Pips On Hourly Chart, Moves Down For the 3rd Straight Day; in a Downtrend Over Past 30 Days
Volatility for eurusd has been contracting over the past two weeks relative to volatility over the past month.
EURUSD Down 2 Pips in Last Hour, in a Downtrend Over Past 14 Days; Price Base in Formation Over Past 90 Days
Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
EURUSD Up 2 Pips On Hourly Chart, Breaks Below 200 Day Average; in a Downtrend Over Past 14 Days
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
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.