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Home ANALYSIS

EURUSD chops up to the 38.2% retracement target

A.R Chowdhury by A.R Chowdhury
March 18, 2022
Reading Time: 4 mins read
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EURUSD chops up to the 38.2% retracement target

EURUSD

EURUSD chopped up and down with 38.2% retracement resistance

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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 up and down choppy price action with recent support at 1.10196 (was the high from Tuesday) and resistance against the 38.2% retracement of the move down from the February 10 high. That level comes in at 1.10684. The high price for the day reached 1.10666. The current price is trading at 1.1044 between those two intraday levels.

On corrective moves, getting and staying above the 38.2% retracement is a natural target. The price did move above that level both on March 9 and March 10 with the high price stalling at 1.11207. So the price has moved above that target. However, momentum could not be sustained and the price rotated back down toward the 1.0900 level on US employment Friday of last week and again on Monday (the low price reached 1.0899 a nice round number and natural support level). The price is been chopping higher since that low.

Of interest technically from yesterday’s trade was that the 200 hour moving average DID do with good job of holding support on tests. That helped to give the buyers the go-ahead to push higher.

However, the up and down price action today suggests the market is bit unsure of the next move. Yes….the price above the 100 and 200 hour moving averages, but holding the 38.2% retracement is a bit of a “I like the EURUSD, but I don’t love the EURUSD just yet”.

Traders who like the upside will want to see a move above that level and stay above that level. Traders two don’t like the EUR, could lean against level and look for a break of 1.101962 potentially for a retest of those lower moving averages again. .

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A.R Chowdhury

A.R Chowdhury

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