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.
- EUR/USD currency pair trading cross has lost the 1.1700 level to 1.1660.
- The US DXY index is still low close to 94.60.
- The release of the GDP in the US is the most important event for today.
According to FxEmpire.com today the EUR/USD currency pair is going to try to climb towards the 1.1720, but without any relevant data releases to back this up the trading cross will rest for a while in the vicinity of the low level of 1.1660 and I believe that we are going to see a lot of daily lows in this trading session.
EUR/USD currency pair is waiting for the releases of the US data
I anticipate that the EUR/USD currency pair will have to deploy a lot of effort in jumping past the 1.1700 level and with the help of some solid data releases the trading cross will manage to touch the 1.1740 point, this will be very difficult because there is a lot of selling steam building up across the chart especially around the USD.
I believe that the USD trade dynamics are patiently waiting for the release of the GDP revision in the United States this time for the second quarter and I also believe that this will be huge event especially in the New York trading session.
In the meantime in the European Union the release of the Consumer Climate figures which have been tracked by GfK in Germany did not match the previous expectations around 10.3 for the current month.
I think that in the near future we are going to see a solid modification in the risk appetite of the investors this is why I suggest a solid stance and avoid pulling back because there are several consistent support levels just around the corner and this will keep the market in balance. To a certain extent I anticipate that the most important support levels will be close to 1.1650 and the 1.1500 level
Let us know how you feel about the fact that the US is directly having a negative effect on the international political tensions? Why has President Trump made a deal with Mexico? Let us know how you feel about this? Even if you are a novice trader we would still like to know your opinion!
Highest level = 1.1690
Lowest level = 1.1645
Volatility level = Increasing
Our Trading Predictions
We advise you to:
- Sell 68%
- Buy 32%
S3 = 1.1542 S2= 1.1561 S1 = 1.1683
R1 = 1.1617 R2 = 1.1624 R3 = 1.1662
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EUR/USD significant trading levels
For the time being the EUR/USD currency pair is going downwards by a negative value of -0.16% and it is trading in the close vicinity of the 1.1679 level and it will looking for support around the 1.1614 level at first followed close up by the 1.1568 point and lastly ending with the 1.1530 point.
On the other side of the table by jumping past the 1.1734 level this will clear the path towards the 1.1745 level at first followed close after the 1.1792 level.
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