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 trading 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
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According to FxEmpire.com today the EUR/USD currency pair has managed to reach the 1.1360 level for a brief moment but without the proper data support it has quickly fallen in the vicinity of the 1.1330 level with very few variations.
EUR/USD currency trading keeps a close eye on the Brexit negotiations
I believe that the EUR/USD shared currency pair is now going downwards again at the end of the trading week as there are no solid data to maintain the uptrend. Earlier today I have seen that the inflation data in the European Union have gone upwards by a value of +2.2% compared to last year, but positive news is still coming from the Core prices which went upwards by +1.1% on a yearly basis.
I think that there is not a trading eye ignoring the UK and EU Brexit negotiations and the most recent news is that the UK PM Theresa May has announced that it is going according to plan.
The ECB President Mr. Mario Draghi has also announced earlier today that the inflation data is still in a positive trend and it is going to affect the currency trading in a positive manner.
In the meantime across the ocean in the United States the releases of the Industrial Production data and the Capacity Utilization figures for October is just around the corner and market participants have positive vibe about them.
Why I think EUR/USD is one of the best currencies to trade right now
At the same time the Core sales also went upwards by a total value of +0.7% therefore jumping over most predictions.
I believe that the release of the Initial Claims data has had a major impact on the overall trading process mostly because it has jumped over 218K in no time and the NY Empire State index has landed above the predicted value of 19.3 close to 23.4.
Today I advise you to use the SELL action as much as possible!
Let us know how you feel about the fact that the Brexit negotiations have managed to influence the whole trading process in the European Union? Will the currency pair jump over the 1.3150 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 = 1.1412 Lowest level = 1.1384 Volatility level = Very High
Today’s Forex predictions Here is my EUR/USD forecast for tomorrow Buy – 10% Sell – 90% S3 = 1.1322 S2= 1.1331 S1 = 1.1283 R1 = 1.1410 R2 = 1.1445 R3 = 1.1432 |
EUR/USD significant trading levels
For the time being the EUR/USD shared currency pair is going downwards by a negative value of -0.4% and it is currently trading close to the 1.1333 and it will be relying heavily on the 1.1376 level followed close up by the 1.1502 point and lastly ending with the 1.1519 level.
On the other side of the coin I believe that by jumping over the 1.1214 level this will clear the trading path towards the 1.1188 level followed close up by the 1.1118 point.
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