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 shared currency pair is trading downwards in the close vicinity of the 1.1560 level where it has finally managed to find some solid support for the trading cross at the end of the trading week.
EUR/USD currency pair has received plenty of influence from Italy
I believe that today the EUR/USD shared currency pair will continue to stay within negative trading territory. At the end of the trading week the trading cross is resting in the close vicinity of the 1.1570 level and at the bottom of this stands the recent problems in the European Union, especially the fiscal negotiations in Italy and the budget allocations problems. At the same time across the ocean in the United States the releases of the EMU CPI data did not manage to have any substantial effect on the overall trading process other that the US DXY slight increase in value.
I have noticed that the buying interest around the EUR/USD currency pair is consolidating close to the 1.1560 point. The release of the inflation data pointed out by the Core PCE figures have increased by a total value of +2.1% on a yearly basis for the previous month of August and the monthly release has landed close to +0.2%.
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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Why I think EUR/USD is one of the best currencies to trade right now
On top of this outstanding data releases still in the United States I have noticed that the US Personal Income index has shown an increase in value of +0.3% on a month to month basis coming in close to most predictions next to +0.4% forecasted value. Moreover the release of the Personal Spending data went upwards by +0.3% according to most predictions.
I believe that later in the NY trading session solid data will be coming in from the releases of the Chicago PMI prints and the U-Mich readings for the current month.
I believe that the EUR/USD currency pair will continue this down trend on the trading chart, therefore I expect to see the 1.1500 level any time soon.
Today I advise you to use the BUY action as much as possible!
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 = 1.1642
Lowest level = 1.1559
Volatility level = Extremely High
Today’s Forex predictions
Here is my EUR/USD forecast for tomorrow
Buy 95 %
Sell 5 %
S3 = 1.1522 S2= 1.1581 S1 = 1.1593
R1 = 1.1817 R2 = 1.1734 R3 = 1.1712
EUR/USD significant trading levels
For the time being the EUR/USD currency pair is going downwards by a negative value of -0.48% and it is trading in the close vicinity of the 1.1581 level and I believe that by breaching the 1.1526 barrier this will clear the trading path towards the 1.1508 level at first followed close up by the 1.1299 level.
On the other side of the medal there are several solid resistance points beginning with 1.1815 followed close up by the 1.1853 point and lastly ending with the 1.1944 notably the 200-day SMA.
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