Are you looking for a good currency pair that is trading in a straight line on the trading chart? Guess what? Now you can make some great Pips on the EUR USD currency pair! EUR USD is Forex and Profits’ recommended trade of today.
Here I will share what I believe about the EUR/USD movement on the trading chart today. I will explain in details why this is going to happen and how can it be in your advantage.
According to Fxempire.com the EUR/USD shared currency pair will continue to keep a tight grip on the 1.1700 trading level today and it is going to be heavily influenced by the United States retail sales figures.
- The US Dollar is trying to recover from low levels and jump back to 94.60.
- USA data releases show that the Retail Sales figures went up by +0.5% on a monthly basis.
- EUR USD keeps s nice positive trading sentiment and it is slowly climbing towards the 1.1720 value just before the NY session begins.
EUR/USD keeps close to the 1.1700 level
EUR/USD traders now believe that the shared currency pair is trading in a positive direction just as the trading week began and it will continue to do as such and this is mostly because of the USA data release especially the Retail Sales figures which have managed to increase in volume by a total value of + 0.5% for the previous month, at the same time positive vibes are also coming from the release of the Core Sales numbers which have managed to increase by a value of +0.6% on a monthly basis, therefore both data releases are highly beneficial to the overall trading process and have also managed to meet all predictions.
EUR/USD analysts suspect that the New York manufacturing index is going to land somewhere close to the 22.80 for this month and ultimately reach the 25.00 value.
EUR/USD will continue to stay solid for a little longer but when the Economic discussions will begin between Trump and Putin the trading cross will surely be influenced.
Let us know how do you feel about the Donald Trump’s visit in the UK? How about the lack of data from the European Union? Will the EUR/USD continue to lose ground or keep still around 1.1600?
Highest level = 1.1728
Lowest level = 1.1674
Our Trading Predictions
We advise you to:
- Sell 21%
- Buy 79%
S3 = 1.1564 S2= 1.1589 S1 = 1.1638
R1 = 1.1714 R2 = 1.1734 R3 = 1.1783
EUR/USD is going to become bullish
For the time being the EUR/USD shared currency pair is going upwards by a positive value of +0.21% and it is trading in the close vicinity of the 1.1715 level therefore by breaking the 1.1726 barrier this will definitely clear the trading path towards the 1.1735 level at first followed close after by the 1.1792 level.
On the other side of the table there are several solid levels starting with the 1.1657 point continuing with the 1.1615 level and lastly ending with the 1.1527 level.
As we mentioned in our Forex Forecast on the 13th of July, EUR USD is going to become bullish, and if you followed our advice, you could have been profitable now. EUR USD went up 88 Pips – fast profits.
If you are not in the trade, it is not too late. We are using the ZigZag indicator which now is built in the charting software we are using, and if you look at the 1 hour chart, it may be the right trade to buy right now. What do you think?
TradingView is one of the most reliable charting softwares on the market. The software provides an affordable alternative to the various desktop-based charting software. with powerful tools and features. We have been checking some charting software reviews, and there are many good Trading View Reviews, like this one from WarriorTrading. They even consider TradingView as an alternative to more expensive charting software like eSignal.
Then ZigZag, what does this indicator. We found an easy description of what the ZigZag identicator does on the web:
The zig zag indicator is a basic tool that analysts use to find out when a security’s trend is reversing. By determining the support and resistance areas, it helps to identify significant changes in price while filtering out short-term fluctuations, thus eliminating the noise of everyday market conditions. It is an excellent tool for any trader who follows indicators that use swing highs and swing lows.
We are going to cover EUR USD in a longer post on forexandprofits.com on Tuesday! See you then.
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