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 is trading in the proximity of the 1.1200 level and it is deploying a lot of effort in reaching the 1.1210 point where it will definitely meet a lot of resistance.
EUR/USD reacts to ECB data
It is in my belief that the trade jitters between the United States and China are still the main market driver for the entire global market and both economies will keep investors tensed. Extra tension also came from the recent weak data releases in the US as well as the drop of the US yields.
As a direct response to the weak US prints risk levels are growing exponentially but the positive trading territory is still far away from becoming a reality.
In the meantime across the ocean in the US the release of the April’s Durable Goods Orders will definitely have a huge impact on the overall trading process.
I have also noticed that the recent data release in the Euro zone especially in Germany have managed to highlight the idea that the region is still a long way from being balanced.
The European Central Bank is still uncertain as to how will the economic activity get back into shape.
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!
|Forex and Profits presents Today’s Free Forex Signal
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 trading upwards by a positive value of +0.3% and it is trading in the proximity of the 1.1186 level therefore by breaching the 1.1205 level this will definitely clear the trading path towards 1.1217 level at first followed close up by 1.1236. On the other side of the medal there are several solid levels starting with 1.1107 followed close up by 1.0905 and lastly ending with 1.0839.
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