Are you searching for a strong currency with potential on the trading chart? Guess what? Now you can make some great Pips on the EUR USD exchange rate and begin your journey as a successful trader!
According to Fxempire.com today the EUR USD currency pair is slowly going upwards away from the low level of 1.1300 point and at the bottom of this stands the announcement that the European Central Bank is leaving its rates unchanged in the near future.
EUR USD exchange rate is reacting to the ECB data
I have recently noticed that the EUR USD exchange rate has managed to pull in some strong gains therefore ending a long stream of weak trading sessions filled with losses, as a direct consequence to this event the trading sentiment has managed to leave the 1.1300 level in the confines of the low level.
However there is still a negative shadow luring just around the corner coming from the uncertainties regarding the never ending trade discussion between the US and China and at this point investors seem to have lost confidence in the influence of this economic event therefore the cross is bound to make a slip and reach the 1.1280 anytime soon.
Still in the European Union the EUR single currency did not react in any way to the release of the Employment Change which posted a positive value of +1.5%, still on the same page the economy in the euro zone has increased by a positive value of +1.1% on a year to year basis.
Why I think EUR/USD exchange rate is one of the best currencies to trade right now
The EUR USD exchange rate is also reacting to the growing risk and the source of this is the US and China trade discussions.
On top of this the European Central Bank TLTRO is showing signs of weakness.
I believe that a lot of influence is going to come in from the European Union parliamentary elections.
Today I advise you to use the SELL action as much as possible!
Let us know how you feel about this analysis? Even if you are a novice trader we would still like to know your opinion!
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A summary of Highs and Lows for the EUR/USD
Highest level = 1.1322
Lowest level = 1.1301
Volatility level = Extremely High
Today’s Forex predictions
Here is my EUR/USD forecast for tomorrow
Buy – 25%
Sell – 75%
S3 = 1.1355 S2= 1.1331 S1 = 1.1343
R1 = 1.1320 R2 = 1.1385 R3 = 1.1412
EUR/USD significant trading levels
For the time being the EUR USD exchange rate is going downwards by a negative value of -0.5% and it is currently trading in the vicinity of the 1.1315 level therefore by breaching the 1.1326 level this will definitely clear the path towards the 1.1381 level at first followed close up by 1.1419 level. On the other side of the medal there are several solid levels beginning with the 1.1285 level continuing with the 1.1234 point and lastly ending with 1.1216.
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