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 there is a very strong selling pressure and so far it has managed to build up a lot of steam and ultimately this will drag the trading cross in the vicinity of the 1.1400 low level and there are few chances of recovery in the near future.
EUR/USD currency pair is losing ground because of the Italy figures
I have noticed that the EUR/USD shared currency pair is trading downwards for the second week in a row and it is not showing any signs of any type of recovery in the near future. Fresh low levels will continue to appear on the trading chart and all of them will surely target the 1.1400 level.
In the meantime I have also noticed that at the center of this weak movement will continue to stay the Italian ongoing problems and it is going to directly influence the selling output of most market participants.
Why I think EUR/USD is one of the best currencies to trade right now
Other news headlines have underlined that the European Union is having serious difficulties in sorting out the 2019 budget.
On top of this the release of the German manufacturing PMI data for this month has landed way under most predictions.
I believe that another important source of trading influence is also coming in from the European Central Bank where the Private Sector Loans have increased by a huge value of +3.2% for the previous month.
Across the ocean in the United States the release of the Home Sales and manufacturing PMI will be the most important data release of the trading week.
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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Today I advise you to use the SELL 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 1.1550 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 = 1.1465
Lowest level = 1.1389
Volatility level = Very High
Today’s Forex predictions
Here is my EUR/USD forecast for tomorrow
Buy 29 %
Sell 71 %
S3 = 1.1412 S2= 1.1421 S1 = 1.1383
R1 = 1.1510 R2 = 1.1554 R3 = 1.1542
EUR/USD significant trading levels
For the time being the EUR/USD shared currency pair is going downwards by a negative value of -0.59% and it is trading in the close vicinity of the 1.1405 level therefore I believe that by going under the 1.1402 level this will clear the trading path towards the 1.1319 level followed close up by the 1.1299 point.
On the other side of the coin there are several solid levels beginning with the 1.1508 point followed close up by the 1.1550 level and lastly ending with the 1.1574 level.
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