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Home ANALYSIS

EURUSD bangs on the 200 hour MA line but buyers lean against the level

A.R Chowdhury by A.R Chowdhury
April 1, 2022
Reading Time: 4 mins read
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EURUSD

EURUSD bounces off 200H MA and 61.8% retracement

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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
moved back down to test the 200 hour MA (and briefly dipped below the line) at 1.10385 (the low ticked to 1.10356 soon after the US jobs report, but has moved off that level. The current price is trading at 1.1044. Note the 61.8% retracement of the move up this week came in at 1.10358. Right near the low for the day.

So the pair’s price still remains between the 100 hour moving average above at 1.1077 and the 200 hour moving average/61.8% retracement below near 1.1036. Traders remain waiting for the next shove in the either direction. In the meantime they are leaning against the levels.

For the week, the EURUSD price low was on Monday at 1.10941. There were two bottoms near that level before the price started to move back to the upside. On Tuesday, the price was able to get back above the 100 and 200 hour moving averages (blue and green lines). The retest of the 200 hour moving average today – at a modestly higher level versus Tuesday’s break – is the first return to that moving average level since the break.

The run to the upside on Tuesday – and continuing to Thursday – was able to take the price above the 50% midpoint of the move down from the February 10 high at 1.11497. Yesterday that midpoint was rebroken to the downside and buyers turned to sellers. The price has been retracing and now is below the 50% midpoint of the weeks trading range at 1.10641. That level will also be eyed on the upside as a potential intraday clue. Stay below it and the sellers hold onto the most control in the short term.

Traders are waiting for the next shove. Can the price stay below the 50%/100 hour moving average above? Can the 200 hour moving average/61.8% retracement be broken below?

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A.R Chowdhury

A.R Chowdhury

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