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EURUSD pulls back to 100 hour MA and sees modest rebound


EURUSD Finds Support Against Its 100 Hourly Moving Average

the EURUSD

EUR/USD

The EUR/USD is the currency pair comprising the single currency of the European Union, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair rate indicates how many euros are needed to buy a dollar. For example, when EUR/USD is trading at 1.2, it means that 1 euro equals 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the Euro (EUR) is the second most traded currency in the world, behind the US Dollar. This currency pair is the most traded and liquid currency pair in the market. As the most popular trading pair, EUR/USD is a staple of all brokerage offerings and often has some of the lowest spreads compared to other pairs. Ultimately, the currency trails the two most economical blocs in the world and sees the most volume for this reason. EUR/USD has a wide range of factors that influence its rates. On the Euro side, Eurozone economic data as well as internal bloc factors can easily impact rates. Even smaller member states can effectively weigh on the euro, as seen in Greece during bailout talks in the 2010s. Alternatively, developments in the United States and at the Federal Reserve generally affect the EUR/ usd. Many examples include bailouts during the financial crisis, tax cuts under the Trump administration, and Covid-19 relief measures, among others.

The EUR/USD is the currency pair comprising the single currency of the European Union, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair rate indicates how many euros are needed to buy a dollar. For example, when EUR/USD is trading at 1.2, it means that 1 euro equals 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the Euro (EUR) is the second most traded currency in the world, behind the US Dollar. This currency pair is the most traded and liquid currency pair in the market. As the most popular trading pair, EUR/USD is a staple of all brokerage offerings and often has some of the lowest spreads compared to other pairs. Ultimately, the currency trails the two most economical blocs in the world and sees the most volume for this reason. EUR/USD has a wide range of factors that influence its rates. On the Euro side, Eurozone economic data as well as internal bloc factors can easily impact rates. Even smaller member states can effectively weigh on the euro, as seen in Greece during bailout talks in the 2010s. Alternatively, developments in the United States and at the Federal Reserve generally affect the EUR/ usd. Many examples include bailouts during the financial crisis, tax cuts under the Trump administration, and Covid-19 relief measures, among others.
Read this term this week found early buyers against its 100 hourly moving average on Wednesday, and again yesterday. In trading today, the decline after hitting new highs dating back to April 25th saw the 100 hourly moving average once again stall the drop.

The 100 hourly moving average is currently at 1.0700, the low price reached 1.0696. The 100-hour moving average was at 1.0698 at the time of the decline a few hours ago.

The 100 hourly moving average is a key barometer for bulls and bears going forward, at least in the short term. Staying above is more bullish, moving below is more bearish.

On the upside, I was looking for the 1.07568-1.0760 area as the next upside target (see yesterday’s article). This area corresponded to oscillating lows dating back to April 14 and April 19 and an oscillating high on April 25 (after it fell below that low level that day – see the red numbered circles).

Today’s high price in the Asian session hit 1.0764, just 4 pips above that target. The trading momentum stopped and the price started turning lower in the European session.

For the week, price last Friday closed at 1.0550. The price raised to 1.0764. This sent the price up 214 pips for the 5 trading days (2.0%). The catalyst was a shift in sentiment that the ECB was consolidating the tightening timetable going forward. It will not start until the end of the APP (asset purchase program) at the end of June. The ECB is expected to start providing stimulus in July with a 25 basis point hike.


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