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Home ANALYSIS

EURUSD technical update: Buyers had a shot. They missed.

A.R Chowdhury by A.R Chowdhury
April 12, 2022
Reading Time: 4 mins read
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EURUSD

EURUSD move to the upside stalled and rotated back lower

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In an earlier post, 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
moved back above the 100 hour moving average at 1.08856 (blue line). Getting above that level tilted the bias in the short term more to the upside… if the price could stay above.

The price could not stay above.

As a result, the price has rotated back down toward a more conservative support swing area between 1.0863 and 1.08728 where support buyers still hoping for a rotation back to the upside are leaning as risk can be defined and limited against that area.

So there is disappointment in the short term. The rally ended way too soon given the break of the 100 hour moving average, but there is some support against a swing area.

What next?

There is no choice except to respect the price action from the “market”. The buyers had their shot and missed (just like the sellers had their shot below the swing area earlier today).

It would now take a move back above the 100 hour moving average to give the buyers another shot to the upside. Absent that, and a move below 1.08633 should see more downside momentum with the low from last week the next major target.

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A.R Chowdhury

A.R Chowdhury

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