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 has managed to begin the trading month of February on a solid tone and the trading cross has just landed in the proximity of the 1.1440 level. This value came in perfect in accordance with key 100-day SMA.
The EUR USD exchange rate is receiving strong influence from the CPI and NFP data
I have noticed that the beginning of the trading week the cross is going downwards for the second consecutive day and with these events I have also seen that a lot of steam is going to build up which will ultimately lead the EUR USD exchange rate in the proximity of the 1.1510 level at first and with some variations close to the 1.1525.
I feel confident that the risk sentiment will be growing exponentially and this will also reflect in the poor data release from the Chinese Caixin manufacturing PMI data which has managed to keep the trading process in a low position.
On another page I believe that the negotiations between the United States and China will get the final stand in Washington D.C. where both parts have agreed to continue earlier today to continue the economic discussions.
Why I think exchange rate EUR USD is one of the best spots to trade right now
As for the European Union I have noticed that at the end of January the release of the manufacturing PMI prints did not create any kind of movement within the EUR single currency.
So far I am certain that as February fires up its engines the main influence will be coming in from the release of the preliminary inflation data in the European Union.
Back in the United States investors are going to keep a close eye on the release of the non-farm trading data.
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!
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A summary of Highs and Lows for the EUR/USD
Highest level = 1.1489
Lowest level = 1.1335
Volatility level = Extremely High
Today’s Forex predictions
Here is my EUR/USD forecast for tomorrow
Buy – 20%
Sell – 80%
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 downwards by a negative value of -0.5% and it is trading in the close vicinity of the 1.1439 level and I believe that by jumping over the 1.1434 level this will clear the trading path towards the 1.1422 level followed close up by the 1.1390 level.
On the other side of the coin I believe that there are several solid levels starting with the 1.1514 point continuing with 1.1515 and lastly ending with 1.1569.
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