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 is trading in the close vicinity of the 1.1400 level and it’s currently deploying a lot of effort in keeping this position and at the bottom of this stands the early release of the Consumer Confidence data.
EUR USD exchange rate is reacting to the US data releases
I have recently noticed that the trading cross is deploying a lot of effort in reaching a fresh new high level but for the time being it has barely managed to reach the 1.1400 point.
In the European Union I have noticed that the EUR single currency pair has managed to stay unchanged even after the release of the Money Supply data by the European Central Bank which so far it has managed to grow in value by +3.8% for the previous month.
Still on the same data page the release of the Private Sector Loans have gone upwards by a positive value of +3.2% on yearly basis, but it mostly proved to be disappointing because it has been predicted to land in better numbers. Still in the European Union the economic slowdown is taking its toll on the discussions regarding the monetary conditions in the region.
Why I think EUR USD exchange rate is one of the best currencies to trade right now
I have noticed that across the ocean in the United States hopes are beginning to stay high as the US and China trade negotiations are becoming more and more flexible and the US Fed by Mr. Powell is going to give a testimony which will continue to offer plenty of support for the overall trading process and to a certain extent it is possible that it is going to offer plenty of support.
I have also noticed that J.Powell is going to hold a speech in the near future regarding the Trade Balance, Factory Orders, Durable Goods Orders and Pending Home Sales which will be filled to the brim with valuable information for both investors and traders.
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 = 1.1375
Lowest level = 1.1325
Volatility level = 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 upwards by a small yet positive value of +0.2% and it is trading in the close vicinity of the 1.1397 level therefore by jumping over the 1.1402 level this will clear the trading path towards the 1.1442 level followed close up by 1.1512.
On the other side of the medal there are several solid points beginning with 1.1355 followed close up by 1.1336 and lastly ending with 1.1275.
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