EUR/USD is now close to 1.1210, ECB data on tap

  • EUR/USD has managed to jump past the 1.1200 level at the beginning of the trading week.
  • The German 10-year Bonds have dropper close to a historic low.
  • The release of the US ISM manufacturing data is the most important event of this session.
  • There is a solid trading tone pushing above the 1.1200 resistance level.

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According to Fxempire.com today the EUR USD shared currency pair is trading in the close vicinity of the 1.1210 level at the beginning of the trading week and month but it is currently deploying a lot of effort in jumping towards the 1.1240 level.

EUR/USD is reacting to US data

I have noticed that today the currency pair is trading in the close vicinity of the 1.1200 level but the new trade concerns and the declining yields are having a massive impact on the overall trading process.

As a matter of fact the German 10-year yields Bund have fallen by a historic negative value of -0.22% and as a direct response investors have their concerns high on the trade front while across the ocean US President Donald Trump is going to impose new tariffs on all US imports from Mexico. Investors have also announced that they are patiently waiting for the release of the final report of the May manufacturing PMI prints in the European Union while across the pond in the US the ISM manufacturing prints are going to have a significant impact on the trading process.

I believe that this trading week is going to react to the USD-dynamics which will definitely impose a pace for the European Union currency.

I feel confident June is going to be hard month for trading mostly because of the trade negotiations between the United States, China, EU and Mexico.

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

As for political influences the Italian government has announced its long list of worries regarding the volatility level across the chart as well as the economic discomfort that it is going to influence the European Union fiscal rules.

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 = 1.1240

Lowest level = 1.1190

Volatility level = Extremely 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%

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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 upwards by a positive value of +0.26% and it is trading in the proximity of the 1.1194 level and I believe that by jumping over the 1.1215 level this will definitely clear the trading path towards the 1.1220 point followed close up by 1.1264.

On the other side of the medal there are several solid levels starting with 1.1116 followed close up by 1.1107 and lastly ending with 1.0905.

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