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Home ANALYSIS

EURUSD trades to a new week low as sellers exert more pressure to the downside run

A.R Chowdhury by A.R Chowdhury
April 8, 2022
Reading Time: 4 mins read
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EURUSD

EURUSD is lower for 7 consecutive days

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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
is working on its 7th down day in a row.

Now there has been ups and downs – especially on Wednesday and Thursday – but the highs have seen limits. Yesterday and on Wednesday, the highs for the day stalled near the swing lows from March 28th. The consolidation also allowed for the 100 hour MA (blue line) to move lower and start to catch up to the price. Yesterday, the price did get close to that MA (blue line), but the sellers leaned, pushed lower, and the price is now moving further away from the MA increasing the sellers control.

What next?

The EURUSD pair is continuing to look toward the swing lows from March at 1.0819 and 1.0805.

The close risk intraday will now be the lows from Wednesday and Thursday between 1.0863 and 1.0873. The price did move above that area earlier today, but the recent run lower has now put some room between those lows and the price.

Traders – selling on the break – will not want to see the price move back above those levels. A move above would also put into jeopardy the lower close for the 7th day. The close yesterday was at 1.0878. Move above 1.08728 and then 1.0878 and sellers at the low, might look to cover ahead of the weekend.

If short from above, the 100 hour MA (blue line currently at 1.0915 and moving lower) is a more conservative risk level. That moving average would need to be broken to hurt the longer term bias, with a move above the 1.09384 to 1.0944 wing area another hurdle (see red numbered circles) on the progression higher.

For now, however, those targets are in the rear view mirror. Morevoer, the sellers are exerting more control on the break to new lows for the week.

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A.R Chowdhury

A.R Chowdhury

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