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EURUSD Trades at New Weekly Low as Sellers Put More Downside Pressure


EURUSD is down for 7 consecutive days

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 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 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 is working on his 7th consecutive day off.

Now, there have been ups and downs – especially Wednesday and Thursday – but the ups have had their limits. Yesterday and Wednesday, the day’s highs stalled near the March 28 swing lows. Consolidation also allowed the 100 hourly MA (blue line) to move lower and begin to catch up to price. Yesterday the price approached this MA (blue line), but the sellers leaned in, pushed lower, and the price is now moving away from the MA, increasing the control of the sellers.

After that ?

EURUSD continues to look to March lows at 1.0819 and 1.0805.

Intraday near risk will now be Wednesday and Thursday lows between 1.0863 and 1.0873. Price broke above this area earlier in the day, but the recent decline has now left some margin between these lows and price.

Traders – selling on the break – will not want to see the price move back above these levels. A move above would also jeopardize the 7th day lower close. Yesterday’s close was at 1.0878. Move above 1.08728 and then 1.0878 and sellers at the bottom may look to hedge 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. This moving average should be broken to harm the longer-term bias, with a move above the 1.09384 swing zone to 1.0944 another hurdle (see red numbered circles) to further downside. high.

For now, however, those targets are in the rearview mirror. Additionally, sellers have more control over the breakout to new lows for the week.


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