EURUSD trades between the 200H MA above and 100H MA below

The  EURUSD 
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.
Read this Term saw a spike higher on the headline news from Russia’s Putin near the start of the North American session. However momentum could not be sustained and the price has rotated back to the downside.

In the process, the price initially moved back above its 200 hour moving average currently at 1.1004 (green line in the chart above). That moving average had held resistance for the day until the break higher. However the price has since moved back below that level. The price is currently trading at 1.0992.

A move back above the 200 hour moving average would tilt the bias more to the upside.

Remember, the 100 hour moving average below (blue line) has also held support today. So there is some buying interest against that technical level. As a result getting back above the 200 hour moving average and staying above would be positive technically.

Having said that, it’s Friday going into the weekend where geopolitical risks remain high. Headlines are influential. The US is expected to announce even more sanctions today. Pres. Biden is reported to revoke normal trade relations with Russia when he addresses the nation later this morning.

The market seems to be short, but the high price for the week did still find willing sellers against the swing area defined by the January and February swing lows between 1.11060 and 1.11207. The price high stayed below the 50% midpoint of the move down from the February 11 high as well keeping sellers in play.

The low this week was reached on Monday at 1.0805. That was the lowest level since May 2020. The price moved above the 100 hour moving average on Wednesday and has stayed above it with the test of the moving average today.

Buyers and sellers are battling it out. The moving averages on the hourly chart will be bias and risk defining levels as we head into the weekend.

US stocks are higher ahead of the opening, but off premarket high levels. A snapshot of the market shows:

• S&P is up 32 points
• Dow is up 200 points
• NASDAQ is up 141 points