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Home ANALYSIS

EURUSD tests the 200 hour MA. The last few tests have held support near the MA level

A.R Chowdhury by A.R Chowdhury
March 21, 2022
Reading Time: 4 mins read
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EURUSD tests the 200 hour MA. The last few tests have held support near the MA level

EURUSD

EURUSD is testing its 200 hour moving average

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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
fell below the 100 hour MA on Friday but stalled ahead of its 200 hour MA. On Wednesday of last week after moving below its 100 hour MA on two separate occasions, the price fall stalled near the 200 hour MA.

Guess what?

The price is retesting the 200 hour MA at 1.10103. The price is trading at 1.1015. The low just reached 1.10126. Can the sellers push below the level and tilt the buying back to selling?

ON a break, there is a upward sloping trend line at 1.10023. Below that and the broken 38.2% of the move down from the Feb 25 swing high cuts across at 1.0984, followed by the swing low from March 15 at 1.0924 and then another swing area at 1.0899 (call it 1.0900).

In favor the downside is the sharp rise in US rates and the expectations for US rates moving higher in relation to European rates. That should be supportive of the USD (lower EURUSD) but price action is just as important. If the price can not get and stay below the 200 hour MA, the sellers are not showing they love the downside story – no matter what it is.

So get below and stay below and the bears can add.

Stay above and move back above the 100 hour MA and the buyers continue to keep control despite the dips lower.

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A.R Chowdhury

A.R Chowdhury

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