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 at the beginning of the trading week the EUR/USD currency pair is trading in the close vicinity of the 1.1200 level and it is showing signs of moving towards 1.1240 and at the bottom of this stands the recent data releases in the European Union.
EUR USD exchange rate is unmoved by US data releases
I have recently noticed that after the EUR USD currency pair has managed to climb close to the 1.1240 at the beginning of the trading week towards the middle of the trading session some strong selling steam began to build up and it has stopped its advance and lowered it close to the 1.1220 area where it is searching for a solid support base to set up camp.
I also believe that the lack of data is affecting the trading process in a negative manner and on top of this the US and China negotiations have yet still to bring any news on the table because of this lack investors now see this event as overrated and will pay less attention to it.
Why I think EUR/USD exchange rate is one of the best currencies to trade right now
All eyes will be fixed on the European Central Bank conference where the USD flow will be the primary driver for this week’s price action on the trading chart.
In the meantime across the ocean in the United States the releases of the Retail Sales data has increased in value by a total value of +0.3% on a monthly basis and the Core figures have also went upwards by a value of +0.9% on a monthly track therefore both data releases have managed to exceed most predictions.
I believe that one of the most important data release and influential event was the release of the Industrial Production data in Germany which indicated an increase of +0.8% on a monthly basis.
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
Highest level = 1.1256
Lowest level = 1.1200
Volatility level = Low
Today’s Forex predictions
Here is my EUR/USD forecast for tomorrow
Buy – 25%
Sell – 75%
S3 = 1.1455 S2= 1.1331 S1 = 1.1243
R1 = 1.1120 R2 = 1.1085 R3 = 0.9412
EUR/USD significant trading levels
For the time being the EUR USD exchange rate is going upwards by a small yet positive value of +0.07% and it is trading in the proximity of the 1.1239 level therefore by breaching the 1.1258 level this will definitely clear the trading path towards the 1.1312 level at first followed close up by 1.3172.
On the other side of the medal there are several solid points starting with 1.1176 continuing with 1.1118 and lastly ending with 1.1021.
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