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Home ANALYSIS

EURUSD starts the week to the downside

A.R Chowdhury by A.R Chowdhury
April 5, 2022
Reading Time: 4 mins read
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EURUSD

EURUSD moves back below 200 hour MA

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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
last week opened the week on Monday and traded to the low for the week on that day. On Tuesday, the price moved above the 100/200 hour MAs which ignited a rally above recent highs and also above the 50% of the range since the February 10 high at 1.11497. However, the run higher stalled and the price reversed lower on Thursday.

The US jobs report on Friday saw the pair move modestly lower, but stall above and below the 200 hour MA (green line).

Today, the price traded above the 200 hour MA in the Asian session, but upside momentum was limited. The price moved back below the 200 hour MA and that move has been a technical catalyst to move lower. The price stayed below the 200 hour MA level and has marched lower over the last 6 or so hours of trading.

Looking at the hourly chart, the price is testing a swing area between 1.0998 and 1.10079. The area is in the middle of an up and down swing area that confined the pair between 1.0899 and 1.1137 (see red box) A move below that area would have traders looking toward another swing area between 1.0957 and 1.09675. Below that, the low from last week at 1.0944 (double bottom), another double bottom at 1.09253 (see blue numbered circles) and the March 11 and March 14 swing lows at 1.0899 are the next targets. .

What would hurt the tilt to the downside bias?

A move back above the 200 hour MA would hurt the break. Just like on Tuesday of last week, when the buyers pushed above the 200 hour MA and pushed higher, the sellers below the 200 hour MA today, give them the upper hand. Stay below keeps the sellers in more control in what remains an up and down market.

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A.R Chowdhury

A.R Chowdhury

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