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Home ANALYSIS

EURUSD trades to a new intraday high, but backs off

A.R Chowdhury by A.R Chowdhury
March 8, 2022
Reading Time: 4 mins read
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EURUSD trades to a new intraday high, but backs off

EURUSD

EURUSD stalls rally ahead of the swing area above

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
has seen up and down saw-tooth pattern in the trading today with an small upside bias.

The pair closed near 1.0854 and is currently trading at 1.0893. The price reached a high of 1.09239 in the last hour, which took out an earlier high at 1.0921 but only by a couple pips.

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Moreover, the rise fell short of recent swing highs between 1.09244 to 1.09431 (see red numbered circles and the yellow area). Getting above that area would be the minimum if the buyers are to take more control. Stay below and the buyers are not simply not winning. The sellers are still holding the stronger hand.

On the downside, the price is back down testing the 100/200 bar MA on the 5 minute chart. Move below would hurt the short term bias for the pair.

Taking a broader look at the hourly chart, the price action is largely in favor of the sellers. However, the price has been consolidating near the cycle lows.

The consolidation has allowed for the falling 100 hour MA to catch up to the price as a result, and is at 1.0974 now. That is also near the 50% of the last trend leg lower from the 1.11429 high (move from 1.11429 to 1.08051).

If the price is able to get above 1.0943 target on the 5-minute, that 100 hour MA and retracement will be the next upside targets for the pair. The price of the EURUSD has not traded measurably above its 100 hour MA since Feb 23rd.

EURUSD

EURUSD consolidates but still below 100 hour MA
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A.R Chowdhury

A.R Chowdhury

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