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Home ANALYSIS

EURUSD holds support at hourly MA lines, but upside momentum has some apprehension

A.R Chowdhury by A.R Chowdhury
March 16, 2022
Reading Time: 4 mins read
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EURUSD holds support at hourly MA lines, but upside momentum has some apprehension

EURUSD

EURUSD rise above the hourly moving averages

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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
is higher on the day and in the process will back above its 200 and 100 hour moving averages. The good news for the buyers is that a dip to the 200 hour moving average held support and the price moved higher off of that level.

Recall from yesterday, the price action was the same in the early European session with the price bouncing off the 200 hour moving average of moving to a new high at 1.10196. That break ultimately failed into the US close. The high price moved above yesterday’s high price

Today, the high price moved to a new high price for the week to 1.1024, but momentum faded and the price has since moved back down toward the 1.100 area. The price does remain above its 100 hour moving average 1.0969 and the lower 200 hour moving average 1.0952 (the low off of the intraday high has come in at 1.0981 so far).

As a result, the story is similar to yesterday’s story. If the price can hold above the 100 hour moving average and the lower 200 hour moving average, there is hopes for further corrective upside momentum. Upside targets come between 1.10429 and 1.10567 along with the 38.2% retracement of the move down from the February 10 high at 1.10684.

Conversely fall below the 100 hour moving average and then 200 hour moving average would disappoint the buyers and have traders looking toward the swing lows from yesterday near 1.0924 and the swing lows from Friday and Monday near 1.0899

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A.R Chowdhury

A.R Chowdhury

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