Sun, May 28, 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.

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