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 exchange rate has managed to shake off the 1.1420 level and it is currently trading in the proximity of the 1.1440 level and at the bottom of this stands the weak data released earlier by the EMU Sentix index.
EUR USD exchange rate is now weak because EMU data
I have recently noticed that at the beginning of the trading week the EUR USD exchange rate is already trading in a weak tone mostly because of the weak data coming in from both the European Union as well as from the United States.
I am also confident that the trading corridor is going to be very narrow this week and the US DXY index is offering a small helping hand with the recent post of 95.80. Some other small positive data has managed to come in from the United States labor market. The release of the ISM manufacturing figures did not produce any effects whatsoever same is for the U-Mich index.
The EMU’s Investor Confidence tracked by the Sentix index has fallen downwards to -3.7 for February and it has been already predicted to fall even more than this initial point.
Why I think EUR/USD exchange rate is one of the best currencies to trade right now
As for the European Union I have noticed some good vibes coming in from the Producer Prices which have gone upwards by a small positive value of +0.8% on a monthly basis.
I believe that the EUR USD exchange rate is going to receive mixed influence from the release of the Factory Orders data in the US.
Still on the old continent most all market participants are keeping a close eye on the European Union Parliament elections for the month of May.
Today I advise you to use the SELL action as much as possible!
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A summary of Highs and Lows for the EUR USD exchange rate
Highest level = 1.1472
Lowest level = 1.1415
Volatility level = Very High
Today’s Forex predictions
Here is my EUR/USD forecast for tomorrow
Buy – 10%
Sell – 90%
S3 = 1.1255 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 -0.3% and it is trading in the close vicinity of the 1.1444 level therefore by breaching the 1.1425 level this will definitely clear the trading path towards the 1.1412 level at first followed close up by 1.1406. On the other side of the medal there are several solid levels beginning with 1.1514 continuing with 1.1515 and lastly ending with 1.1569 level.
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