Are you searching for a strong currency which is racing upwards 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!
Here I will share what I believe about the EUR/USD movement on the trading chart today. I will explain in details why this is going to happen and how can it be in your advantage.
Factors that might affect this pair today
- The EUR/USD exchange rate is receiving a lot of negative influence from the PMI data in the European Union.
- The release of the retail sales in the United States has proven to be very helpful for the USD.
- There is a high selling action present on the trading chart and this will add to the currency pair’s descent.
According to FxEmpire.com today the EUR/USD exchange rate is receiving a lot of negative influence from the European Union PMI prints and at the end of the trading week it is more than clear that it did not manage to jump past the 1.1300 level.
EUR/USD exchange rate is receiving strong negative influence from the EU PMI data
I have noticed that there is a very strong bearish pressure surrounding the currency pair and this will add friction to the cross when attempting to jump past the 1.1300 level and with this the currency pair is keeping its two-week low movement unchanged.
The release of the PMI prints in the European Union has managed to create a lot of pressure and the demand for a fresh supply NY trading session will definitely lead the cross in the close vicinity of the 1.1270 level.
Why I think EUR/USD is one of the best currencies to trade right now
At the same time across the ocean I have noticed that the releases of the retail sales data have already started to show that the holiday shopping is up and running. I have noticed that some negative influence has been coming in from the falling gas prices but fortunately the strong consumer spending and GDP are here to save the trading day.
For the upcoming week I am very reserved in believing that the EUR/USD exchange rate could jump past the 1.1300 level due to weak predictions and investor apathy. I feel more confident that on Tuesday we could even see the 1.1250 level live on the trading charts.
Today I advise you to use the SELL action as much as possible!
Let us know how you feel about the fact that the Brexit negotiations have managed to influence the whole trading process in the European Union? Will the currency pair jump over the 1.1380 level? Let us know how you feel about this? 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 = 1.1312
Lowest level = 1.1270
Volatility level = Extremely High
Today’s Forex predictions
Here is my EUR/USD forecast for tomorrow
Buy – 0%
Sell – 100%
S3 = 1.1295 S2= 1.1341 S1 = 1.1393
R1 = 1.1340 R2 = 1.1385 R3 = 1.1412
EUR/USD significant trading levels
For the time being the EUR/USD shared currency pair is going downwards by a negative value of -0.2% and it is currently trading in the close vicinity of 1.1290 level and it is relying heavily on the 1.1260 point followed close up by the 1.1215 point and ultimately landing next to 1.1160.
On the other side of the coin there are several resistant levels starting with 1.1300 and ending with the 1.1340 level.
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