EUR/USD exchange rate reached 1.1400 point, UK data on tap

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  • EUR/USD exchange rate jumped over 1.1400 close to 1.1420.
  • The Fed data has pushed the cross towards 1.1450.
  • EU Summit is analyzing a possible extension of Article 50 for the UK.
  • There is a soft trading tone because of the US DXY index.

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According to Fxempire.com today the EUR USD shared currency pair is trading on a high note in the close vicinity of the 1.1410 level and it is already showing solid signs of moving upwards towards the 1.1440 point.

EUR/USD currency pair is reacting to the Fed data

Today I have noticed that the EUR USD shared currency pair is trading rather high and this is the fourth consecutive trading session in a row but we should not rule out the idea that there is a lot of selling steam is building very fast especially in the proximity of the 1.1420 level and at the bottom of this stands the most recent FOMC meeting.

I believe that the selling orders surrounding the US DXY index has reacted promptly to the Federal Reserve data release but the inflation figures will continue to remain unchanged.

Right now the European Union officials are participating in a Summit where many consider that the UK request regarding the extension of Article 50 will be intensely discussed.

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

I believe that many investors are going to keep a close eye on the USD dynamics in the NA trading session and this will be main beacon for the price action.

All eyes will continue to stay on the European Central Bank’s monetary policy updates.

Still in the European Union but in the political branch the upcoming parliamentary elections will be the main market driver especially because the balance seems to favor the populist segment.

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

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 currency pair is trading upwards by a positive value of +0.3% and it is trading in the close vicinity of the 1.1413 level therefore by breaching the 1.1448 level this will definitely clear the trading path towards the 1.1481 level at first followed close up by 1.1514.

On the other side of the medal there are several solid level starting with 1.1365 continuing with 1.1328 and lastly ending with 1.1234.

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