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 currency pair is trading in the close vicinity of the 1.1750 level and at the bottom of this stands the early releases of the IFO data in Germany which has already managed to boost the buying interest at the debut of the European Union trading session.
EUR/USD currency pair has jumped over 1.1750 with ease
I believe that the EUR/USD shared currency pair has managed to shake off with ease the low level of 1.1720 and it has already managed to race by the 1.1750 level and it is heading with speed towards the 1.1810 trading point. I think that because of this short spike upwards a lot of selling pressure is going to surround the trading cross today this is why I recommend using the SELL action later in the trading session.
At the same time in the European Union the release of the IFO data in Germany has managed to surprise all market participants in a positive manner mostly because it has exceeded all expectations for the previous month of September. In details the Business Climate in Germany posted a value close to 103.9 surpassing the predicted value of 106.4 by a long shot. I also believe that this positive data release will eventually influence the whole trading process in the European Union trading session.
Live market charts
The chart is showing directions of today’s recommended currency pair. The EUR/USD chart for today shows it is in an down position. 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
Still in the European Union there is a lot of influence just around the corner where at the European Central Bank Mario Draghi will hold a conference where the Statement of the European Parliament will be presented, I believe that this will have a direct effect on the inflation levels and it will be directly linked to the evolution of the currency pair.
In the meantime across the ocean in the United States traders and investors are waiting for the release of the Activity Index which will be released in Chicago.
Today I advise you to use the SELL action with moderation!
Let us know how you feel about the fact that the EU German data has managed to influence the whole trading process in the European Union? Will the currency pair jump over the 1.1800 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 = 1.1774
Lowest level = 1.1712
Volatility level = High
Today’s Forex predictions
Here is my EUR/USD forecast for tomorrow
Sell 65 %
Buy 35 %
S3 = 1.1722 S2= 1.1681 S1 = 1.1693
R1 = 1.1827 R2 = 1.1864 R3 = 1.1792
EUR/USD significant trading levels
For the time being the EUR/USD currency pair is going upwards by a positive value of +0.3% and it is trading in the close vicinity of the 1.1759 level and I believe that by jumping over the 1.1804 level this will clear the trading path towards the 1.1853 level at first followed close up by the 1.1947 point.
On the other side of the table there are several solid levels beginning with the 1.1684 point continuing with the 1.1657 level and lastly ending with the 1.1526 point.
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