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!
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According to Fxempire.com today the EUR USD shared currency pair is trading in the close vicinity of the 1.1300 level and it is already showing signs of moving upwards towards the 1.1330 point which will have all the support it needs to sustain this positive movement.
EUR USD exchange rate reacts to US data releases
Today I have noticed that the EUR USD exchange rate has finally managed to shake off many of the low levels around the 1.1210 area, also the 1.1290 looks to me as the strongest trading area so far but surprises can appear once the cross has jumped over 1.1300.
As for data releases I have noticed that the release of the Industrial Production figures in the European Union has managed to bring the element of surprise back into the picture and the markets are reacting in a very positive manner to this.
At the same time across the ocean in the United States the releases of the Producer Prices went up by a value of +0.3% on a monthly basis and in February by +1.9% on a twelve month comparison. Still sitting at the data table I have noticed that the release of the Core prices went upwards by +0.1% on a monthly basis and by +2.5% on a yearly pace. All eyes will stay on the Durable Goods Orders which have been predicted to grow by at least +0.4%.
Why I think EUR USD exchange rate is one of the best currencies to trade right now
I am certain that investors will have to take into consideration the recent dovish position of the European Central Bank which is doing a marvelous job at increasing the risk trend across the chart. Performance indicates that the EUR USD exchange rate is going to be directly influence by the EU economy and it is going to hold the central position at the talking table for the European Central Bank’s monetary policy updates.
I am certain that investors will keep a close eye on the political updates especially on the European Union parliamentary elections.
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 = 1.1310
Lowest level = 1.1280
Volatility level = Low
Today’s Forex predictions
Here is my EUR/USD forecast for tomorrow
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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 positive value of +0.3% and it is trading in the close vicinity of the 1.1291 level therefore I believe that by breaching the 1.1304 level this will definitely clear the trading path towards the 1.1311 level at first followed close up by 1.1369.
On the other side of the coin there are several solid levels beginning with 1.1176 continuing with 1.1118 and lastly ending with the 1.1021 level.
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