EURUSD corrects to the 38.2% of the move up in 2023
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, be
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, be Read this Term has moved sharply lower after the much stronger than expected US jobs report (higher USD).
Looking at the hourly chart, the price has tumbled back below its 100 and 200 hour moving averages at 1.0899 and 1.0892 respectively. The price has also seen a dip outside of the “red box” that confined the pair prior to this week between 1.0834 and 1.09288.
Admittedly on Tuesday, the price fell below that level but rebounded and reestablish support near the level before moving to the upside on Wednesday and Thursday. The price peaked in early trading yesterday at 1.10308 before moving to the downside.
Yesterday the price tumble took the pair back toward the 100 and 200 hour moving averages, and in the Asian session today, the pair also found support buyers near that moving average
Moving average
A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot
A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot Read this Term levels.
However, the US jobs report was too much, and the price tumbled below those key moving averages.
What next?
The 38.2% retracement of the 2023 trading range comes at 1.08207. That is the next downside target. Below that look toward the low from Tuesday’s trade which is also a swing area going back in time to mid-January (see red numbered circles). That area comes between 1.0799 and 1.0805. Below that and the 50% midpoint of the 2023 trading range at 1.07558 is also near a swing low area between 1.0760 and 1.0775.
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