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 EUR/USD currency pair is still shadowing the 1.1670 level even after the release of the CPI data.
- The US DXY index has posted close to 94.40 zone.
- The EMU’s inflation data did not match predictions for this current month.
Trade with caution and avoid risky actions
According to FxEmpire.com today the EUR/USD currency pair is trading downwards in the close vicinity of the 1.1650 level and I honestly believe that this is now the last low level that we are going to see today on the trading chart because as the NY trading session begins and the failures of the trade deals will continue to add pressure and bring the trading cross close to the 1.1640 level in no time, therefore I advise using caution because right now the Forex market is very volatile!
EUR/USD currency pair is trading low because of CPI data
I believe that the EUR/USD currency pair did not have any reaction to the release of flash CPI data in the European Union for August and the trading cross will continue to levitate for a while around the 1.1660 level and I also think that if it does not receive any support it will eventually go down towards 1.1600 point.
Still in the European Union the release of the preliminary inflation figures has highlighted that the consumer prices are going upwards by a total value of +2.0% coming in close to the predicted value of +2.3% and I believe that this is good aspect because the releases of the Core prices have been predicted in the same manner and it will not disappoint.
What is influencing the EUR USD pair right now?
It is in my belief that across the ocean in the United States the movement of the USD currency will be directly influence the EMU data, one last hope of stands with the release of the U-Michigan index for the current month but I think that it will have enough strength to be a market driver.
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!
A summary of Highs and Lows for the EUR/USD
Highest level = 1.1691
Lowest level = 1.1625
Volatility level = Increasing
Today’s Forex forecast – We advise you to:
- Sell 75%
- Buy 25%
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
Right now the EUR/USD shared currency pair is going upwards by a small positive value of +0.3% and it is trading in the close vicinity of the 1.1660 level therefore by breaching the 1.1734 level I believe that this will clear the trading path towards the 1.1745 point followed close up by the 1.1792 level.
On the other side of the medal there are several solid point beginning with the 1.1652 point followed close up by the 1.1617 level and lastly ending with the 1.1544 level.
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