Are you searching for a strong currency with potential on the trading chart? Guess what? Now you can make some great Pips on the EUR USD exchange rate and begin your journey as a successful trader!
According to Fxempire.com today the EUR USD shared currency pair has managed to leave behind the 1.1900 level but it has quickly found a lot of solid resistance around the 1.1200 point and it is patiently waiting for the EU Parliament elections to end.
EUR/USD keeps a close eye on German data
I have noticed that at the beginning of the trading week the EUR USD shared currency pair is facing a significant amount of selling pressure and it began after the failure in breaching the 1.1215 point.
A lot of influence is coming in from the European Union where German money markets have some issues regarding the yields and it has lost -0.13% in volume.
Still in the EU the European Central Bank money supply as well as the private sector loans will air on the 28th of May and it is going to be the main market driver for the trading process in the region. Many investors hope that the release of the German advanced inflation data for the current month of May will surely have a robust impact on the EUR USD trading process.
The release of the European Central Bank minutes has shown that the Council is still unconvinced regarding the refresh of the economic activity in the region in the near term.
At the same time across the ocean the USD dynamics should have an intense influence on the overall trading process and the trade negotiations between US and China have once again stalled and behind the scenes the US is going to bring new tariffs on EU products.
Why I think EUR/USD exchange rate is one of the best currencies to trade right now
At the same time across the ocean in the United States the FED Activity index is just around the corner of being released followed by the FOMC meeting.
As for political influences the upcoming parliamentary elections in the European Union are offering a lot of influence and all investors will keep a close eye on the populist option among voters.
Today I advise you to use the SELL action as much as possible!
Let us know how you feel about this analysis? Even if you are a novice trader we would still like to know your opinion!
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A summary of Highs and Lows for the EUR USD
Highest level = 1.1230
Lowest level = 1.1180
Volatility level = Extremely High
Today’s Forex predictions
Here is my EUR USD forecast for tomorrow
Buy – 45%
Sell – 55%
S3 = 1.1255 S2= 1.1231 S1 = 1.1143
R1 = 1.1120 R2 = 1.1185 R3 = 1.1112
EUR/USD significant trading levels
For the time being the EUR USD shared currency pair is going upwards by +0.11% and it is trading in the proximity of the 1.1192 level and it is relying heavily on the 1.1191 level followed close up by 1.1107 and lastly ending with 1.0905.
On the other side of the coin I believe that by jumping over the 1.1215 level this will definitely clear the path towards 1.1235 followed close up by 1.1264.
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