eur usd, eur usd exchange rate

EUR USD exchange rate jumps to 1.1290, ECB data eyed

  • EUR USD exchange rate went high close to 1.1310.
  • The Producer Prices in the US has enhanced the trading process.
  • In the UK the House of Commons does not agree with the “no deal” scenario.
  • The ECB self-induced pullback will be the major market driver in the near future.

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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

Sell is the main action for EUR USD exchange rate

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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