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Home ANALYSIS

The EURUSD rotates back down to the 100 hour MA

A.R Chowdhury by A.R Chowdhury
March 18, 2022
Reading Time: 4 mins read
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The EURUSD rotates back down to the 100 hour MA

EURUSD

EURUSD reverses the gains from yesterday back to 100H MA

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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.
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move above the ECB spike high from last week at 1.11207, but ran out of steam ahead of the March high at 1.11429 (the high reached 1.1137).

The price action today, has now seen the price nearly retrace the entire move higher from yesterday (the low was 1.10056 yesterday and the low today just reached 1.1015). The pair is also back down testing the 100 hour MA at 1.10162. A move back below the 100 hour MA and then 200 hour MA at 1.09903 would sour the bullish mood for more traders.

Recall from yesterday as well, the EURUSD price based at that 200 hour MA twice before moving to the upside. Moving below would be more bearish from a technical perspective.

Fed’s Waller is speaking and says he favors front loading rate hikes. In favor of 50 bps or more at coming meetings. Want’s to see more neutral by the end of the year at 2% to 2.25%. More hawkish at least in the short term.

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A.R Chowdhury

A.R Chowdhury

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