EURUSD makes a move toward the lower extreme’s since May 23

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EURUSD

EURUSD is moving to the lower end

The Lagarde ECB press conference has become increasingly bearish as worries about a debt crisis between the poor and the poor weigh on the eurozone (see Adam’s excellent post here).

Technically, this was manifested by a 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 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 staple 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 staple 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 go back below the 100 and 200 hour moving averages and back to the lower extremes of the up and down trading range since May 23. On that day back in May, the price moved above a higher extreme between 1.0633 and 1.0641. Since then, the price has rebounded that swing area on May 25, tried and briefly broken below it on June 1 before restoring support against the area.

A move below would have traders targeting the 38.2% rebound at 1.06189. That’s from the move up from the May 13 low. The move below the swing area last week could not reach that reproach level. Disappointment led to a sharp move back to the top as a result.

The low price recently reached 1.06444 and rebounded as soaking buyers stepped in with a defined risk and a limited risk against the lower extremities. The current price is trading at 1.0662. There is some resistance at 1.0678.

The buyers had the shot today moving to the top shortly after the tax decision. That took the price above the higher swing area between 1.0748 and 1.07637. However momentum could not take the price through the May 30 high at 1.0786.

The salesmen doing a play at the lower end. At some point the price will break out of the red box and there should be momentum in the direction of the break. Look at the levels for clues.

Source

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