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breaking news  EURUSD is moving towards a new session high.  Reach new targets.


The EURUSD bounced off the 50%/swing zone.

Earlier in the day, the EURUSD

EUR/USD

The EUR/USD is the currency pair comprising the single currency of the European Union, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The rate of the pair indicates how many euros are needed to buy a dollar. For example, when EUR/USD is trading at 1.2, it means that 1 euro equals 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the Euro (EUR) is the second most traded currency in the world, behind the US Dollar. This currency pair is the most traded and liquid currency pair in the market. As the most popular trading pair, EUR/USD is a staple of all brokerage offerings and often has some of the lowest spreads compared to other pairs. Ultimately, the currency trails the two most economical blocs in the world and sees the most volume for this reason. EUR/USD has a wide range of factors that influence its rates. On the Euro side, Eurozone economic data as well as internal bloc factors can easily impact rates. Even smaller member states can effectively weigh on the euro, as seen in Greece during bailout talks in the 2010s. Alternatively, developments in the US and at the Federal Reserve generally affect the EUR/ usd. Many examples include bailouts during the financial crisis, tax cuts under the Trump administration, and Covid-19 relief measures, among others.

The EUR/USD is the currency pair comprising the single currency of the European Union, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The rate of the pair indicates how many euros are needed to buy a dollar. For example, when EUR/USD is trading at 1.2, it means that 1 euro equals 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the Euro (EUR) is the second most traded currency in the world, behind the US Dollar. This currency pair is the most traded and liquid currency pair in the market. As the most popular trading pair, EUR/USD is a staple of all brokerage offerings and often has some of the lowest spreads compared to other pairs. Ultimately, the currency trails the two most economical blocs in the world and sees the most volume for this reason. EUR/USD has a wide range of factors that influence its rates. On the Euro side, Eurozone economic data as well as internal bloc factors can easily impact rates. Even smaller member states can effectively weigh on the euro, as seen in Greece during bailout talks in the 2010s. Alternatively, developments in the US and at the Federal Reserve generally affect the EUR/ usd. Many examples include bailouts during the financial crisis, tax cuts under the Trump administration, and Covid-19 relief measures, among others.
Read this term moved above the 50% range from the April 21 high at 1.06421. Price also moved above the May 5 swing high of 1.0641 (just one pip from the 50% level). There were further swing levels up to 1.0633. The break above 1.0633 to 1.0642 was bullish.

Early in the US session, the pair corrected the London high and I commented in a post:

The current price is trading at 1.0653 after hitting a high of 1.06865. Traders will watch the 1.0633-1.0642 area as near support/risk now. Stay above and the price may continue to probe higher.

The 1.0642 level has found supportive buyers on the downside (the low reached 1.0643), and the price has moved higher since that test.

The pair has now moved to a swing zone between 1.0696 and 1.0706. The 61.8% comes in at 1.07113. The highest price reached 1.06968. Climb above and the door opens for the next rising targets. The 1.0757 area is the next key target on the hourly chart. This level represents the April 14th, April 19th swing lows and a April 25th swing high (after a breakout lower – see the green numbered circle on the chart above).

On the daily chart, 1.07265 is a closer target. It represents the swing low on April 24, 2020 (see chart below).

So watch 1.0696 to 1.0711 as the next target, followed by the 1.07265 level from April 2020 (see daily chart). A move above this level and the 1.0757 area where the April 2021 lows are located will be considered. These are the steps as the EURUSD continues its upward trajectory.

breaking news  EURUSD is moving towards a new session high.  Reach new targets.

EURUSD turns to April 2020 low at 1.07265.


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