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Home ANALYSIS

EURUSD can’t stay above 50% midpoint of the recent move lower. Buyers turn to sellers.

A.R Chowdhury by A.R Chowdhury
March 31, 2022
Reading Time: 4 mins read
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EURUSD

EURUSD moves back below the 50% midpoint

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Yesterday, 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.
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moved above the 50% midpoint of the move down from the February 10 high at 1.11497 not once, but twice. The first look above the level in the London morning session failed. The second attempt in the New York morning session stayed above, but momentum was not all that great. The high price reached 1.11704 and closed at 1.1158.

Today, the price in the Asian session moved to a new high since March 1 at 1.11841, but has since retreated. In the London morning session today, the price cracked back below its 50% midpoint at 1.11497. Buyers turned to sellers and the price has continued its run to the downside bottoming at 1.1087. The current price is trading above and below the 1.1100 level with a high off the low reaching 1.11125.

The inability to stay above the 50% retracement disappointed the buyers and has pushed price back into the up and down trading range that has confined the pair below the 50% retracement level.

On further downside momentum, the broken 38.2% retracement comes in at 1.10684 while the rising 100 hour moving average comes in at 1.10562. The 200 hour moving average is at 1.10331. Those levels are all downside targets on more selling pressure today.

On the topside, the swing high going back to March 10 comes in at 1.11207 and above that a swing area between 1.11369 and 1.1143 are upside targets ahead of the aforementioned 50% retracement 1.11497. Those levels would need to be taken out for the buyers to take back more short term control.

For the week, the low was on Monday at 1.09438 (there were two lows near that area which formed a bottom). On Tuesday, the pair’s price moved above both its 100 hour moving average and 200 hour moving average, with the latter leading to increased momentum to the upside.

The high price on Wednesday did stall against the aforementioned swing area between 1.11369 and 1.1143. Yesterday saw the trading above and below the higher 50% midpoint before settling above that key barometer and failing today.

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A.R Chowdhury

A.R Chowdhury

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