EUR/USD found a lot of support around 1.1350, FOMC meeting on tap

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  • EUR/USD comes under pressure near the 200-day SMA.
  • Trade concerns, geopolitical jitters remain on the table.
  • Focus stay on yields; Fed, ECB easing.
  • The upside momentum around the European currency has subsided somewhat in past sessions, recede to the mid-1.1300s, where emerge the 200-day/week SMAs.

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According to Fxempire.com today the EUR USD shared currency pair is trading close to the 1.1350 level where it has found a solid amount of support for the overall trading process.

EUR/USD found support around 1.1350

I have noticed that the shared currency pair is trading in the vicinity of the 1.1350 level which is lower than the beginning of the trading week however there is a high demand for the US DXY.

At the same time there are many concerns among investors regarding inflation data as well as the USD dynamics.

On top of this US Powell has acknowledged the presence of a bearish movement which will definitely offer a helping hand for the USD’s recovery.

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As for the European Union I have noticed that there are no significant data releases but across the ocean in the United States investors will be keeping a close eye on the Trade Balance data as well as on the Durable Goods Orders and the EIA report which will definitely enhance the trading process for the EUR USD.

It is in my belief that the USD dynamics are going to definitely dictate the price action of the currency pair towards the end of the trading week.

As for political influences the Italian Government will continue to be a source of uncertainty for the EUR single currency mostly because it is contrary to the European Union fiscal rules.

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

Still in the EU the European Commission is going to publish its preliminary measures of the volatile levels for the Euro area.

At the same time across the ocean in the United States the Markit is going to publish its preliminary readings for PMI prints in the United States economy followed close up by the Existing Home Sales data for the previous month.

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 = 1.1360

Lowest level = 1.1290

Volatility level = High

Today’s Forex predictions

Here is my EUR USD forecast for tomorrow

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Buy – 5%

Sell – 95%

S3 = 1.1255 S2= 1.1231 S1 = 1.1143

R1 = 1.1120 R2 = 1.1185 R3 = 1.1112

EUR/USD significant trading levels

For the time being the EUR USD shared currency pair is going downwards by a negative value of -0.3% and it is currently trading in the proximity of the 1.1361 level and it is going to rely heavily on the 1.1344 point followed close up by 1.1259 and lastly ending with 1.1181.

On the other side of the coin I believe that by jumping over the 1.1412 level this will definitely clear the trading path towards the 1.1419 level and ending with the 1.1448 point.

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