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Home ANALYSIS

EURUSD races toward highs from earlier this month

A.R Chowdhury by A.R Chowdhury
March 29, 2022
Reading Time: 7 mins read
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EURUSD races toward highs from earlier this month

EURUSD

EURUSD races higher and looks toward the swing area/50%

The  EUR 
EUR

The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value since then and importance in the global market has helped solidify its status as one of the most important currencies in the FX market today.Together with the USD, the currency pair is easily among the most important for forex, given its exposure into the two main economic blocs. What Factors Affects the EUR?There are several factors that affect the euro. Like most currencies, monetary policy is the most influential, which in this case refers to the European Central Bank (ECB).The ECB is responsible for regulating the monetary policy, money supply, interest rates, and relative strength of the euro. Forex traders of the euro are routinely tuned into any decision or announcements from the ECB for this reason.With 19 sovereign member states, the euro is particularly vulnerable to political developments. Recent examples include Greece’s debt crisis and Brexit, among others, which can seriously impact the euro.Finally, economic data from the bloc or from key member states such as Germany, France, Spain, and others are also closely eyed. This includes retail sales, jobless claims, Gross Domestic Product (GDP), and others.

The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value since then and importance in the global market has helped solidify its status as one of the most important currencies in the FX market today.Together with the USD, the currency pair is easily among the most important for forex, given its exposure into the two main economic blocs. What Factors Affects the EUR?There are several factors that affect the euro. Like most currencies, monetary policy is the most influential, which in this case refers to the European Central Bank (ECB).The ECB is responsible for regulating the monetary policy, money supply, interest rates, and relative strength of the euro. Forex traders of the euro are routinely tuned into any decision or announcements from the ECB for this reason.With 19 sovereign member states, the euro is particularly vulnerable to political developments. Recent examples include Greece’s debt crisis and Brexit, among others, which can seriously impact the euro.Finally, economic data from the bloc or from key member states such as Germany, France, Spain, and others are also closely eyed. This includes retail sales, jobless claims, Gross Domestic Product (GDP), and others.
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is the biggest beneficiary on the hopes for a peace agreement in Ukraine with the EURUSD now up 1.28% on the day.

Looking at the hourly chart, the pair moved above its 200 hour moving average in the London morning session after first testing that level and finding sellers (see green line in the chart above). The move above was rewarded with the peace dividend from the comments from Russian officials that progress is being made in their talks with Ukraine.

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That news has led to a further run to the upside. The 38.2% retracement of the range since the February 10 high was broken at 1.10684. Other swing levels of also been taken out along the way.

The price just moved above the March 10 swing high at 1.11207 and now looks toward a swing area between 1.11369 and 1.11438 (see red numbered circles and yellow area). Above that is the 50% midpoint of the move down from the February 10 high which comes in at 1.11497.

Move above the 50% and the bias continues to swing more in the favor of the buyers after days of up and down price action had the pair trading above and below its 100 and 200 hour moving averages (blue and green lines).

There are reports from CNN just coming out now that notes Russia is withdrawing forces from Kyiv. Good news.

US stocks remain higher in premarket trading:

  • Dow industrial average is up 280 points
  • S&P index is up 38.73 points
  •  NASDAQ 
    NASDAQ

    The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since assumed the majority of major trades that had been executed by the over-the-counter (OTC) system of trading.What Makes Up the NASDAQ?In particular, the exchange also features the NASDAQ Composite, which includes almost all stocks listed on the NASDAQ stock market. Along with the Dow Jones Industrial Average (DIJA) and S&P 500 Index, this is one of the three most-followed stock market indices in the United States.Overall, the NASDAQ stock market has three different market tiers. This includes the Capital Market, or an equity market for companies that have relatively small levels of market capitalization. The listing requirements for small cap companies are less stringent than for other Nasdaq markets that list larger companies with significantly higher market capitalization.Additionally, the Global Market is made up of stocks that represent the Nasdaq Global Market. The Global Market consists of 1,450 stocks that meet the exchange’s financial and liquidity requirements, and corporate governance standards.Finally, the Global Select Market is a market capitalization-weighted index made up of 1,200 US-based and international stocks that represent the Global Select Market Composite.

    The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since assumed the majority of major trades that had been executed by the over-the-counter (OTC) system of trading.What Makes Up the NASDAQ?In particular, the exchange also features the NASDAQ Composite, which includes almost all stocks listed on the NASDAQ stock market. Along with the Dow Jones Industrial Average (DIJA) and S&P 500 Index, this is one of the three most-followed stock market indices in the United States.Overall, the NASDAQ stock market has three different market tiers. This includes the Capital Market, or an equity market for companies that have relatively small levels of market capitalization. The listing requirements for small cap companies are less stringent than for other Nasdaq markets that list larger companies with significantly higher market capitalization.Additionally, the Global Market is made up of stocks that represent the Nasdaq Global Market. The Global Market consists of 1,450 stocks that meet the exchange’s financial and liquidity requirements, and corporate governance standards.Finally, the Global Select Market is a market capitalization-weighted index made up of 1,200 US-based and international stocks that represent the Global Select Market Composite.
    Read this Term
    index is up 172 points

European shares are also enjoying even stronger gains with the

  • German DAX, +3%
  • France’s CAC +3.3%
  • UK’s FTSE 100 +1.2%
  • Spain’s Ibex +2.9%
  • Italy’s FTSE MIB +3.0%

In other markets:

  • Gold is now trading back below the $1900 level at $1896.10 down $25.44 or -1.31%
  • WTI crude oil is trading at $120 down $5.73 or -5.44%.
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A.R Chowdhury

A.R Chowdhury

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