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Home ANALYSIS

EURUSD back above swing lows from 2021/2022 but more work to do

A.R Chowdhury by A.R Chowdhury
February 28, 2022
Reading Time: 4 mins read
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EURUSD back above swing lows from 2021/2022 but more work to do

EURUSD

EURUSD buyers trying to take back some control

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The  EURUSD 
EUR/USD

The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars.  Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, behind only the US dollar. This currency pair is the most traded and liquid currency pair on the market.As the most popular trading pair, the EUR/USD is a staple of every brokerage offering and often has some of the lowest spreads relative to other pairs. Ultimately, the currency follows the two most economic blocs in the world and sees the most volume for this reason.The EUR/USD has a wide range of factors that influence its rates. From the EUR side, economic data in the Eurozone as well as internal factors in the bloc can easily impact rates. Even small member states can effectively weigh on the EUR, as seen in Greece during bailout talks in the 2010s. Alternatively, developments in the United States and the Federal Reserve commonly affect the EUR/USD. Many examples include the bailouts during the Financial crisis, tax cuts during the Trump Administration, and Covid-19 relief measures, among others.

The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars.  Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, behind only the US dollar. This currency pair is the most traded and liquid currency pair on the market.As the most popular trading pair, the EUR/USD is a staple of every brokerage offering and often has some of the lowest spreads relative to other pairs. Ultimately, the currency follows the two most economic blocs in the world and sees the most volume for this reason.The EUR/USD has a wide range of factors that influence its rates. From the EUR side, economic data in the Eurozone as well as internal factors in the bloc can easily impact rates. Even small member states can effectively weigh on the EUR, as seen in Greece during bailout talks in the 2010s. Alternatively, developments in the United States and the Federal Reserve commonly affect the EUR/USD. Many examples include the bailouts during the Financial crisis, tax cuts during the Trump Administration, and Covid-19 relief measures, among others.
Read this Term
has seen a decent bounce after trading to a new 2022 low below 1.11207. The new low for the year could only reach 1.11056 on the break. That was above the natural support, and also above a trend line on the daily chart at 1.1096 level (see post outlining the level HERE).

So… yes… a new low was made, but the extra shove needed to keep the momentum going, was instead met but dip buyers. The price bounced as sellers turned to buyers.

The price has since moved higher and in the process also extended back above a swing area between 1.1173 and 1.1185. The 1.1185 level was the swing low from 2021. The 1.1173 was the swing high AFTER that low was last broken on January 28.

Getting back above those levels was an area that needed to be breached to give the buyers some comfort, and it indeed it has been broken.

The question now is can it remain broken?

If so, the next target comes in at the 38.2% of the move down from the Tuesday swing high at 1.1205. That level was tested in the current hourly bar and found willing sellers. So the road ahead is still full of pot holes for the buyers.

Nevertheless, if the price can extend above that level, the dip buyers can breathe a little easier, and more upside can be explored.

Conversely, fall below the 1.1173 and all bets are off for those hopes to the upside.

The buyers are making their play off the failed new low. It’s up to them to keep that play going.

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A.R Chowdhury

A.R Chowdhury

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