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Home ANALYSIS

EURUSD trades up and down today consolidating the declines from yesterday

A.R Chowdhury by A.R Chowdhury
April 6, 2022
Reading Time: 3 mins read
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EURUSD

EURUSD tests the swing and 61.8% retracement

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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
has been trading up and down today, consolidating the declines from yesterday’s trade that saw the pair moving below and away from the 200 hour MA (green line) at 1.1039 currently. The run to the downside yesterday also saw the price move and close below the 50% midpoint of the move up from the March 7 low. That level comes in at 1.09946.

The high today stalled comfortably below that 50% midpoint (the high reached 1.09878 vs 50% at 1.09946). On the downside, the EURUSD price has seen modest dips below a swing area between 1.09576 and 1.09675, but remains above the 61.8% at 1.09499. Getting below those levels and staying below would increase the bearish bias.

On the downside, the 1.0925 level followed by the 1.0899 level would be targets on a break.

On the topside a move above the 50% retracement and the broken trendline near 1.1000 would give the buyers more confidence for a potential move toward the 200 hour moving average once again at 1.1039 area.

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A.R Chowdhury

A.R Chowdhury

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