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 reached a new session high, with European shares remaining positive and US shares rebounding. UBS shares are now up $2.47. In addition, a key technical development in the EURUSD is the break above a crucial swing area, contributing to the bullish bias.

EURUSD technical analysis - Swing Highs

Examining the hourly chart from February 16 to March 13, multiple swing highs were observed between 1.0690 and 1.0704 (see red numbered circles 1-10 in the chart above). Last week, the price fluctuated around this area due to volatility Volatility In terms of trading, volatility refers to the amount of change in the rate of an index or asset, such as forex, commodities, stocks, over a given time period. Trading volatility can be a means of describing an instrument’s fluctuation. For example, a highly volatile stock equates to large fluctuations in price, whereas a low volatile stock equates to tepid fluctuations in price. Overall, volatility is an important statistical indicator used by many parties, including financial traders, analysts, In terms of trading, volatility refers to the amount of change in the rate of an index or asset, such as forex, commodities, stocks, over a given time period. Trading volatility can be a means of describing an instrument’s fluctuation. For example, a highly volatile stock equates to large fluctuations in price, whereas a low volatile stock equates to tepid fluctuations in price. Overall, volatility is an important statistical indicator used by many parties, including financial traders, analysts, Read this Term caused by the banking crisis, reaching a high of 1.07592. However, on Wednesday, the price fell below the swing area as issues with Credit Suisse, the ECB rate decision, and First Republic fallout led to a shift from EUR to USD.

Despite initial downward movement on Thursday and Friday, the price gradually increased. During today's trading, the price initially dipped in the Asian and early European sessions, briefly breaking below the 100-hour moving average (blue line in the chart above) and the 200-hour moving average (green line on the chart above). However, momentum quickly reversed, and the price rose above the 100-hour moving average, prompting sellers to become buyers. The pair has since experienced a sharp uptrend.

The recent break above the swing area (1.0690 - 1.0704) has strengthened the buyers' position. Although last week's volatility may carry over into this week, maintaining the price above 1.06908 would be a positive technical indicator. On the upside, traders will aim for targets of 1.07442 - 1.0752 and last week's failed break high at 1.07592.