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Trader reaction to 1.0714 is likely to determine the direction of the EUR/USD on Thursday. EUR/USD Forex Technical Analysis – Supported by Weaker Treasury Yields Ahead of US GDP Report, Jobless ...
Trader reaction to the Fibonacci level at 1.0519 is likely to determine the direction of the EUR/USD early Monday. EUR/USD Forex Technical Analysis – Weakens Under 1.0519, Strengthens Over 1. ...
The main range is 1.1185 to 1.0354. Its retracement zone at 1.0770 – 1.0868 stopped the rally on Monday at 1.0787.
The market convention is to quote most exchange rates against the USD with the US dollar as the base currency (e.g. USDJPY, USDCAD, USDCHF). The exceptions are the British pound (GBP), Australian dollar (AUD), the New Zealand dollar (NZD) and the euro (EUR) where the USD is the counter currency (e.g. GBPUSD, AUDUSD, NZDUSD, EURUSD).
Here, EUR is the base currency and USD is the quote currency (counter currency). This means that 1 Euro can be exchangeable to 1.25 US Dollars. The most traded currency pairs in the world are called the Majors. They involve the currencies euro, US dollar, Japanese yen, pound sterling, Australian dollar, Canadian dollar, and the Swiss franc.
The spot date is day T+1 if the currency pair [1] is USD/CAD, USD/TRY, USD/PHP or USD/RUB. In this case, T+1 must be a business day and not a US holiday. If an unacceptable day is encountered, move forward one day and test again until an acceptable date is found. The spot date is day T+2 otherwise. The calculation of T+2 must be done by ...