Hourly Update
(Last Updated September 8, 2020 0:32 GMT)
At the moment, EURUSD’s rate is up 0.0001 (0.01%) from the hour prior. This is the 2nd straight hour EURUSD has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURUSD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
EURUSD End of Day Recap
Updated 00:30 GMT (04:30 EST)
EURUSD is down 16 pips (0.13%) since yesterday (opening today near 1.1835), marking the 4th consecutive day a decrease has occurred. Out of the 40 instruments in the Forex asset class, EURUSD ended up ranking 25th for the day in terms of price change. Here is a price chart of EURUSD.
EURUSD Technical Analysis
Notably, EURUSD crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days EURUSD’s price has gone down 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURUSD, with 9 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.56, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on fxempire.com; below is a short snippet from it to give you a taste.
The direction of the EUR/USD is likely to be determined by trader reaction to the short-term Fibonacci level at 1.1826.
Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram
