EURUSD moves back into swing area

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 is back up retesting a swing area between 1.1359 and 1.1368. Within that range also sits the 38.2% retracement of the move down from last Thursday's high which comes in at 1.13617.

The price is higher today, but earlier in the New York session there was a spate of buying in the USD. The dollar moved to new session highs vs the GBP GBP The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth Read this Term, CHF, CAD, NZD, but have since given up gains. The EURUSD moved lower as well (higher USD) but remained off the low for the day and started to move back higher.

That move back to the upside extended the trading range for the day to a new high of 1.13677. So far the aforementioned swing area has led to sellers leaning. A move above would still have other targets like the falling 100 hour MA at 1.13747, the 200 hour MA at 1.1402 and the 100 day MA at 1.14055 to get to, and through, but each successive break would increase the bullish bias.

On the other end of the spectrum, is that those upside target levels could also attract sellers who may be the dip buyers taking profit, or outright sellers who stick a toe in the water vs the risk defining levels, with the hope of more sabre rattling from Putin/Biden/Europe/NATO. All it takes is one headline, and the buyers could all turn to sellers again.