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Home ANALYSIS

EURUSD lower on the day with a narrow-ish trading range

A.R Chowdhury by A.R Chowdhury
March 3, 2022
Reading Time: 4 mins read
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EURUSD lower on the day with a narrow-ish trading range

EURUSD

EURUSD moves toward lows from yesterday

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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 moving lower after a down and up day yesterday which saw the pair move to the lowest level since the end of May 2020.

In the down and up process from yesterday, the price fell below the January 2021 low at 1.11207, and the February 2021 low at 1.1106. The subsequent rebound off a double bottom yesterday near 1.10567 ultimately saw a move back above that January/February swing low area. However, in the Asian session today, the price moved back below it and then stay below the level (see red numbered circles).

I would still use the 1.1106 to 1.11207 as a resistance/bias defining short term target now. Stay below and the sellers are more in control (the sellers can probe the downside).

The range so far is only about 57 pips (extending to new lows as I type). That is still short of the 22-day average of 90 pips.

As mentioned, the pair did form a double bottom yesterday on the hourly chart at 1.1157 area and that level is being approached (the low just reached 1.1167).

A move below the double bottom should open the door for more selling. A lower/downward sloping trend line cuts across at 1.1042 (and moving lower). That would be the next target. Move below it, and it opens the door even further as lowest levels since 2020 keep the bears happy.

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A.R Chowdhury

A.R Chowdhury

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