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Home ANALYSIS

EURUSD trades off lows after gap lower. Price remains below 100 hour moving average.

A.R Chowdhury by A.R Chowdhury
February 28, 2022
Reading Time: 4 mins read
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EURUSD trades off lows after gap lower. Price remains below 100 hour moving average.

EURUSD

EURUSD stays below its 100 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
closed on Friday right under its 100 hour moving average (blue line in the chart above). After the weekend developments in the Russian/Ukrainian conflict, the price gapped lower from 1.1270 to 1.1149 near the open. The low price for the day extended to 1.1141 in the early Asian and late Asian session, but has since rebounded higher. The European/London session high has reach 1.1231 so far.

There is a currently a swing area above between 1.1220 and 1.1233. Above that, and the aforementioned 100 hour moving average is currently at 1.1251. That is just above the 50% midpoint of the move down from the February 16 high.

That 100 hour moving average and midpoint level will be a key target on further upside momentum. A move above that area would tilt the buys more to the upside. Stay below keeps the sellers more in control.

Be aware that the Russian/Ukraine talks have now concluded. Be alert for headlines.

The US stocks remain under pressure with the:

  • Dow down -460 points
  • S&P -63.5 points
  • NASDAQ index -187 point
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A.R Chowdhury

A.R Chowdhury

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