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Home ANALYSIS

EURUSD rebounds back into swing area on the daily chart

A.R Chowdhury by A.R Chowdhury
March 10, 2022
Reading Time: 4 mins read
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EURUSD rebounds back into swing area on the daily chart

EURUSD

EURUSD on the daily chart

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 pushing to new highs the day and enters into a swing area on the daily chart between 1.0980 and 1.1018.

A move above would increase the bullish bias and have traders targeting the lows from January and February between 1.1107 and 1.11207.

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The gains have been helped by an increased risk-on tone on hopes for peace in Ukraine. It may be premature, but the selling has been hard and snap back rallies are always a possibility (as could be some progress).

The EURUSD on the daily chart did find support buyers ahead of the next downside target at the 1.0764 to 1.0777. The low yesterday reached just above the 1.1800 level at 1.10805.

Drilling to the hourly chart below, the pair moved back above the 100 hour MA earlier today for the first time since February 23. The initial move to the upside did see a corrective move back lower, but the buyers leaned ahead of that 100 hour MA level and has pushed back to the upside (as you would expect IF the buyers were serious about the break). For buyers looking for more upside, the price needs to stay above that 100 hour MA going forward. Move back below, and the buyers are not winning.

On the topside, the pair is looking toward recent swing low levels from the step lower last week at 1.1008 and 1.1032 (the 1.1018 level on the daily chart is between those levels too). The falling 200 hour MA at 1.10478 is also in play on further upside corrective momentum. The price last traded above the 200 hour MA also on February 23. Look for sellers against the level on the first look and buyers and sellers are more in a battle now with MAs on the downside and the topside to defend.

EURUSD

EURUSD on the hourly chart

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A.R Chowdhury

A.R Chowdhury

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