EURUSD falls as traders rotate back toward support after ECB rate decision

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 to a new day low on the rate statement and comments. The traders may be taking some profit after not getting a push after the rate decision and assurance of more hikes to come.

Technically, the pair remains above a key support area between 1.09288 ann 1.0943. The 1.09288 was the igh price in Jnauary. The area between 1.0935 and 1.0943 goes back to March and April of 2022 where the market used the area as support and then resistance beofre moving lower (see post here). It would take a move below that area to disappoint the buyers to push the price higher yesterday and into today.