EURUSD keeps stepping to the upside

The EUR EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term is the strongest of the majors Majors There are hundreds of different currency pairs and crosses that can be traded. Major currency pairs or majors represent the most liquid pairs and widely traded. These include the EUR/USD, USD/JPY, GBP/USD, and USD/CHF.The reason for the popularity in these trading pairs are obvious, given they include currencies of some of the world’s most important economic centers. Additionally, these currencies comprising majors also constitute a significant share of global economic transactions.The US dollar There are hundreds of different currency pairs and crosses that can be traded. Major currency pairs or majors represent the most liquid pairs and widely traded. These include the EUR/USD, USD/JPY, GBP/USD, and USD/CHF.The reason for the popularity in these trading pairs are obvious, given they include currencies of some of the world’s most important economic centers. Additionally, these currencies comprising majors also constitute a significant share of global economic transactions.The US dollar Read this Term as traders react to a shift in the bias back to the upside technically. The price was banging against the 200 hour MA coming into the day (from the bottom) and the MA was stalling the rise.

Then toward the end of the London day, the price broke above that MA and the higher 100 hour MA. The sellers turned to buyers and the price moved higher.

As I have talked about ad nauseam, the pair still remains in the 14 day trading range with the 50% at 1.02829, and the failed break from Tuesday up at 1.02933 as the ceiling to break through and the low from July 27 at 1.0960 as the floor. The 100/200 hour MAs (blue and green lines) are the mid-range barometers for buyers and sellers.

Ahead of the ceiling sits a swing area at 1.0254-57. Get above that, and traders should be ready to make a run toward the 50%/high from Tuesday (right? They have to be ready?) again. Get above, and look for more momentum.

That is the bullish play for buyers. For doubters that the EURUSD can sustain upside momentum with economic headwinds including prospects for natural gas shortages, risk from Russia, the end of summer travelers, etc. The pair is approaching the sell zone (with stops on a break above).