Hourly Update
(Last Updated November 11, 2020 1:31 GMT)
At the moment, EURUSD’s rate is down 0 (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
EURUSD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The back and forth price flow continues for EURUSD, which started today off at 1.1813, down 0 pips 0% from yesterday. Out of the 40 instruments in the Forex asset class, EURUSD ended up ranking 25th for the day in terms of price change. Let’s take a look at price chart of EURUSD.
EURUSD Technical Analysis
Coming into today EURUSD is now close to its 20, 50 and 100 day averages, located at 1.1767, 1.1771 and 1.1689 respectively, and thus may be at a key juncture along those timeframes. 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. The closest is the 50 day average, which is 41.6 pips away. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 8 out of the past 14 days. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURUSD, with 15 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 2.14, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Please support this idea with LIKE if you find it useful….***In the event that it does not continue to the upside and does not break the resistance, of course, it will retreat to the bottom at the aforementioned support area….***Here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied.
