eur usd, ecur usd exchange rate

EUR/USD exchange rate reached 1.1310, German IFO data eyed

  • EUR/USD is now trading low close to 1.1310.
  • The US DXY index has published a value close to 96.60.
  • The release of the IFO data in Germany is just around the corner.
  • Investors have announced that there is a lot of pessimism surrounding the trading cross.

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According to today the EUR/USD shared currency pair is trading low in the close vicinity of the 1.1310 level and it is showing some increased activity towards the end of the trading session.

EUR/USD is reacting to the release of the IFO data

I have noticed that at the beginning of the trading week the EUR USD shared currency pair is beginning to embark on a rebound path after the two consecutive daily pullbacks on that chart therefore the cross is now back in the proximity of the 1.1300 level.

I believe that the releases of the advanced PMI prints have been rather weak in the European Union in core Euroland and mixed with the demand for the greenback this will take out of the oven one of the lowest points.

I have noticed that investors are lacking a lot of faith even after the currency pair managed to reach the 1.1400 level as a direct result of the FOMC data release last week.

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Why I think EUR/USD exchange rate is one of the best currencies to trade right now

Still in the European Union the release of the German IFO data will continue to stay under the limelight because it is still uncertain in what manner the cross will be influenced.

I feel confident that the European Central Bank has announced that there will be a huge risk over the horizon and the USD-dynamics and other data will be the main market driver.

Weak influence is coming in from the release of the advanced PMI prints and all solid movements have been halted until the European Union parliamentary elections end.

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 = 1.1460

Lowest level = 1.1420

Volatility level = High

Sell is the main action for EUR/USD exchange rate

Today’s Forex predictions

Here is my EUR/USD forecast for tomorrow

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Buy – 15%

Sell – 85%

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 shared currency pair is going upwards by a small value of +0.02% and it is trading in the close vicinity of the 1.1307 level therefore by jumping over the 1.1323 level this will clear the trading path towards the 1.1359 level at first followed close up by 1.1448.

On the other side of the medal there are several solid levels starting with 1.1273 followed close up by 1.1234 and lastly ending with 1.1215.

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