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 at the beginning of the trading week the EUR USD currency pair is trading in the close vicinity of the 1.1330 level and it is deploying a lot of effort in jumping over the 1.1335 level.
EUR USD exchange rate is reacting to the ECB data
I have noticed that even from the beginning of the trading week the most important data release came in from the United States and China trade negotiations and every investors is keeping a close eye because in this period risk levels have been predicted to go high.
I believe that the EUR USD exchange rate is also receiving significant influence from the G10 central banks decision of postponing any clear intentions of beginning to cut corners to avoid a global economy slowdown.
It is in my belief that the trading cross is going to rest for a while in the close vicinity of the 1.1330 level and it is going to deploy a lot of effort in jumping past this point and whole bigger effort in order to avoid losing it.
The US DXY index has managed to recover from low values and investors will be keeping a close eye on this evolution.
Why I think EUR/USD exchange rate is one of the best currencies to trade right now
In the meantime in the European Union the ZEW survey is just around the corner and it has already been predicted to have a strong influence on tomorrow’s trading process. At the same time the PMI prints will also be highlighted as a market driver for the trading cross and last but not least the ECB minutes will also have a strong influence.
I have also noticed that across the ocean in the United States the release of the FOMC is going to have strong impact on the overall trading process.
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 = 1.1335
Lowest level = 1.1290
Volatility level = High
Today’s Forex predictions
Here is my EUR/USD forecast for tomorrow
Buy – 0%
Sell – 100%
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 positive value of +0.26% and it is trading in the close vicinity of the 1.1323 level and it is relying heavily on the 1.1333 point followed close up by 1.1356 level and lastly ending with 1.1403 level.
On the other side of the medal I believe that by jumping over the 1.1248 level this will definitely clear the trading path towards the 1.1215 level at first followed close up by 1.1118.
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