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According to Fxempire.com today the EUR USD currency pair is trading in the close vicinity of the 1.1330 level which is identical with the closing value of last Friday’s trading session, at the bottom of this stationary behavior stands the US and Chinese trade discussions.
EUR USD exchange rate influenced by EMU Sentix index
I believe that the EUR USD currency pair has managed to lose most of its initial optimism even though the trading sentiment is fairly better than last week, but the risk sentiment continues to stay high and this brings skepticism on the trading chart in both traders as well as investors alike.
I have also noticed that a lot of selling pressure is coming in from the 200-week SMA which is now around the 1.1330 level.
The EUR single currency pair is reacting promptly to the release of the Sentix index for March and so far it has shown a decrease of -2.2 since the previous month of February which posted a even lower value of -3.7, meanwhile the producer prices went upwards by a positive value of +3.0% on a yearly basis and by +0.4% on a monthly basis for 2019.
Why I think EUR/USD exchange rate is one of the best currencies to trade right now
In the near future many eyes will be fixed on the release of the Q4 GDP data in Italy as well as the Services PMI prints in the European Union. Across the ocean in the United States traders will be patiently waiting for the ISM Non-manufacturing data.
The EUR USD exchange rate is also going to receive a significant amount of influence from the evolution of the trade talks between US and China.
In the EU the European Central Bank will continue to stay silent according to the “slowdown” process in the euro zone.
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!
|Forex and Profits presents Today’s Free Forex Signal
A summary of Highs and Lows for the EUR/USD
Highest level = 1.1349
Lowest level = 1.1318
Volatility level = Very 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 -0.21% and it is trading in the close vicinity of the 1.1340 level and it is relying heavily on the 1.1334 level followed close up by 1.1289 and lastly ending with 1.1234.
On the other side of the coin by jumping over the 1.1419 level this will definitely clear the trading path towards the 1.1442 level continuing with 1.1506.
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