Are you searching for a strong currency which is racing upwards on the trading chart? Guess what? Now you can make some great Pips on the EUR USD currency pair and begin your journey as a successful trader!
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.
|Factors that might affect this pair today
According to FxEmpire.com today the EUR/USD shared currency pair is keeping a tight grip on the trading tone across the European Union single currency which so far has managed to stay solid and it is already pushing the 1.1600 level higher.
EUR/USD currency pair is reacting to the Italy data releases
I have noticed that the EUR/USD currency pair has managed to come a very far way from the recent trading level of 1.1530 and it is now trading in the close vicinity 1.1600 level.
I the meantime I believe that the at the bottom of this stands the US DXY index post where the greenback is once again moving towards low levels, this is why the 95.00 quickly became a support value.
A the same time I think that all trading eyes will continue to stay fixed on Italy mostly because the government is still having problems in creating a viable budget in order to present it to the European Union.
Live market charts
We want Forex to be all about profitable trading! Forex and Profits makes sure you have the latest live market charts available every day. I am using the ADX indicator as well as Bollinger bands with Moving Average and Stochastic Oscillator for the this currency pair. Only open new trades when all these indicators show a clear trend.
The chart is showing directions of today’s recommended currency pair. The chart for today shows it is in a clear bearish trend for the last few hours. Personally, I am using the ADX indicator to find good entry points on a 15 minute timeframe.
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Why I think EUR/USD is one of the best currencies to trade right now
The Italian government is also having a lot of problems in figuring out which part will hold out the deficit and this is why it is very hard to pass it.
This trading has been marked by a complete absence of data release in the European Union, but hopefully from across the ocean in the United States the release of NY Empire State index and the Retail Sales data for the previous month are just around the corner and I feel confident that these releases are going to be a huge market driver.
Today I advise you to use the BUY action as much as possible!
Let us know how you feel about the fact that the EU Italian data has managed to influence the whole trading process in the European Union? Will the currency pair jump over the 1.1600 level? Let us know how you feel about this? 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 = 1.1578
Lowest level = 1.1518
Volatility level = Shrinking
Today’s Forex predictions
Here is my EUR/USD forecast for tomorrow
Buy 65 %
Sell 35 %
S3 = 1.1412 S2= 1.1421 S1 = 1.1383
R1 = 1.1610 R2 = 1.1654 R3 = 1.1642
EUR/USD significant trading levels
For the time being the EUR/USD shared currency pair is going upwards by a positive value of +0.33% and it is trading in the proximity of the 1.1594 level and it will be relying heavily on the 1.1600 level followed close up by the 1.1615 point and lastly ending with the 1.1628 point.
On the other side of the coin I believe that by jumping over the 1.1528 level this will clear the trading path towards the 1.1432 level followed close up by the 1.1323 point.
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