EURUSD makes a new session high and moves above a topside swing area

EUR / USD

The EUR / USD is the currency pair comprising the single currency of the European Union, the euro (symbol €, code EUR), and the United States dollar (symbol $, code USD). The exchange rate of the pair indicates how many euros it takes to buy one dollar. For example, when the EUR / USD trades at 1.2, it means that 1 euro is equivalent to $ 1.2. Why the EUR / USD is the Most Popular Trading Pair Compared to all tradable currencies, the euro (EUR) is the second most traded currency in the world, 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 commodity of every brokerage proposal and often has some of the lowest spreads relative to other pairs. Ultimately, the currency follows the two most economical blocks in the world and sees the most volume because of it. The EUR / USD has a wide range of factors that affect its rates. On the EUR side, economic data in the Eurozone as well as internal factors in the bloc can easily impact tariffs. Even small member states can weigh heavily on the EUR, as seen in Greece during bailout talks in the 2010s. Alternatively, developments in the United States and the Federal Reserve often affect the EUR / USD. Many examples include bailouts during the Financial Crisis, tax cuts during the Trump Administration and Covid-19 aides, among others.

The EUR / USD is the currency pair comprising the single currency of the European Union, the euro (symbol €, code EUR), and the United States dollar (symbol $, code USD). The exchange rate of the pair indicates how many euros it takes to buy one dollar. For example, when the EUR / USD trades at 1.2, it means that 1 euro is equivalent to $ 1.2. Why the EUR / USD is the Most Popular Trading Pair Compared to all tradable currencies, the euro (EUR) is the second most traded currency in the world, 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 commodity of every brokerage proposal and often has some of the lowest spreads relative to other pairs. Ultimately, the currency follows the two most economical blocks in the world and sees the most volume because of it. The EUR / USD has a wide range of factors that affect its rates. On the EUR side, economic data in the Eurozone as well as internal factors in the bloc can easily impact tariffs. Even small member states can weigh heavily on the EUR, as seen in Greece during bailout talks in the 2010s. Alternatively, developments in the United States and the Federal Reserve often affect the EUR / USD. Many examples include bailouts during the Financial Crisis, tax cuts during the Trump Administration and Covid-19 aides, among others.
Read this Term moves to a new session high and in the process extends over a swing area between 1.05922 and 1.05986 (see earlier post outlining the target area). The price is currently at 1.0605.

At a higher level, the pair would later target the 1.0633 to 1.06421 area. That level corresponds with a swing low of April 26 and April 27, and a swing high of May 5. The 50% midpoint of the move down from the April 21 high cuts across 1.06421 and the May 5 high price is at 1.0641. That high was the maximum range that limited the pair from April 27th to May 12th.

The low price today and yesterday moved below the low of that up and down trading range, but based above the 100 hour MA (blue line). Holding the 100-hour MA was a catalyst for the move to the top today from a technical perspective.