Sun, January 29, 2023

EUR/USD traded at its high in the 1st week of this year

Ahead Of The US CPI Release, The Dollar Rises On High Yields

EUR/USD traded at its high in the 1st week of this year

The EUR/USD pair has seen a price downfall this year but it reached its high in the first week of 2021. The pair reached its lowest in November.

This year, the EUR/USD pair has experienced a price decline, but the pair reached the high level for the week in the first week of 2021 at 1.23499. However, it reached its low for the week by the end of November at 1.11854.

Its high low range appeared around 1164 pips, better than the 688 pip range kept through the first ten months of this year. A total of around 482 pips was added since the end of September.

Since declining at the end of November at 1.11838, the high price has extended to 1.13824, equal to 198 pips. The range for December seemed more narrow at approximately 139 pips, with a high price of 1.13593 and a low price of 1.12209. It experienced lots of ups and downs. Technically speaking, the weekly chart shows the move back to the downside this year. It has seen the price move back below the blue line, which went below the 100 week moving average. Currently, it is at 1.16398.

The overall situation regarding EUR/USD pair

Overall, it seems more bearish as the price stands below:

  • The 50% retracement
  • The 200-week moving average
  • The swing area is between 1.14928 and 1.15237.
  • The 100-week moving average at 1.16399

The consolidation has joined the 100 and 200 moving averages near 1.1289.

In today’s trading, the price low slowed against those levels and moved to the upside. However, the price still needs to get outside the red box. The high of the previously mentioned red box comes in at 1.1358.

As a result, there is a tendency in the buyers’ demand in the short term.

Interested in Forex Trading? Read WiBestBroker’s comprehensive SagaTrade Review.

YOU MAY ALSO LIKE

Oil might reach $150 per barrel as OPEC+ will control supply

The biggest oil and gas companies are prepared to report annual profits,

Sterling declined on Thursday. What about Euro and Dollar?

Sterling fell slightly on Friday but was still close to its highest

Nokia Beats Exceeds Earnings Predictions

Nokia Oyj’s earnings topped expectations. Even amid a worse macroeconomic backdrop, as

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

OANDA Japan: No More fxTrade, USD/JPY Margin Shift

On Friday, one of Japan’s longest-standing online forex and CFD brokerages, OANDA Corporation, announced major changes to their service.  Specifically, the Japanese subsidiary of the brokerage will no longer allow new downloads of

BROKER NEWS

Broker News

OANDA Japan: No More fxTrade, USD/JPY Margin Shift

On Friday, one of Japan’s longest-standing online forex and CFD brokerages, OANDA Corporation, announced major changes to their service.  Specifically, the Japanese subsidiary of the brokerage will no longer allow new downloads of its