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.
- The currency pair has managed to jump past the 1.1680 trading zone onto fresh new levels.
- There is a lot of selling pressure on US DXY index after the releases of the CPI data.
- The European Central Bank has managed to keep inflation data forecasts unmodified.
According to FxEmpire.com today the EUR/USD shared currency pair is trading higher and higher in the close vicinity of the 1.1710 level and I believe that at the bottom of this stands the release of the inflation figures in the European Union.
EUR/USD currency pair has bounced because of the ECB President Mario Draghi
I feel confident that today the EUR/USD currency pair will definitely navigate on the upper part of the trading chart and it is reacting heavily to the movement of the European Union single currency which is still gathering more and more strength. The 1.1680 has been left behind and we are already looking at variations around the 1.1710 level and even higher.
I also believe that because of the enormous selling pressure which is surrounding the USD is a clear consequence of the post-CPI data release. I also think that the release of the weak inflation data in the United States has managed to lower the USD benchmark by a negative value of -2.90%.
In the European Union Mr.President Mario Draghi of the ECB has failed all EURO bears because all the inflation predictions have managed to remain unchanged. Mr. Draghi stated that the inflation figures will continue to stay unmoved for the time being and the European Central Bank will class out inflation data around the 1.7% value for the current month.
Today I advise you to use the SELL action as much as possible!
Let us know how you feel about the fact that the US is not doing any market movement to ease the pressure on the USD? Let us know how you feel about this? Even if you are a novice trader we would still like to know your opinion!
A summary of Highs and Lows for the EUR/USD
Highest level = 1.1711
Lowest level = 1.1649
Volatility level = Very High
Today’s Forex forecast – We advise you to:
- Sell 100% !
- Buy 0%
S3 = 1.1732 S2= 1.1751 S1 = 1.1673
R1 = 1.1617 R2 = 1.1644 R3 = 1.1562
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EUR/USD significant trading levels
For the time being the EUR/USD shared currency pair is going up by a huge positive value of +0.49% and it is trading in the close vicinity of the 1.1710 level and it is relying heavily on the 1.1734 level followed close up by the 1.1745 point and lastly ending with the 1.1792 point.
On the other side of the coin by jumping over the 1.1509 level I believe that this will clear the path towards the 1.1449 point at first followed close up by the 1.1299 point.
We value your opinion very much so please let us know how you feel about our predictions? Follow us and become a better trader!