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Home ANALYSIS

EURUSD tries to stay above hourly MAs and build an up move

A.R Chowdhury by A.R Chowdhury
March 15, 2022
Reading Time: 4 mins read
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EURUSD tries to stay above hourly MAs and build an up move

EURUSD

EURUSD moves above the 200 hour MA

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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 up for the 2nd consecutive day. Yippee. The low price yesterday stalled just below the 1.0900 level (at 1.0899). The current price is trading at 1.0997. The high price today reached 1.1019.

Looking at the hourly chart, the price action today moved back above its 200 hour moving average and 100 hour moving average (green and blue lines in the chart above).

The 200 hour moving average (green line) is currently at 1.09623. The 100 hour moving average (blue line) is at 1.09884. With the current price trading at 1.0998, the price is back above both those moving average levels. That is a more bullish bias intraday at least.

The corrective low after the break above the 200 hour moving average did stall against that same moving average and pushed higher off of that level. That also gives the pair more of a bullish bias. The simple trading rule is if the price can stay above the moving averages, the shorter term bias does give the buyers control in the short term.

Targets On the topside would be to extend above the high for the day at 1.10196. Above that comes the high from Friday’s trade at 1.10429 and swing lows going back to March 2 at 1.10567. The 38.2% retracement of the move down from the February 10 high at 1.10684 would be another target to get to and through to give the buyers more confidence.

Overall, the price action is positive, but there is work to do to increase the bullish bias after the move lower from the February 10 high.

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A.R Chowdhury

A.R Chowdhury

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