EUR/USD is now trading close to the 1.1300, Mario Draghi is stepping down

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  • EUR/USD did not manage to jump past the 1.1300 level today.
  • C.Lagarde has been announced to the next President of the ECB.
  • The releases of the ADP data in the United States landed close to 102K for the previous month.
  • So far the shared currency pair seems to be struggling in order to avoid losing the 1.1300 level.

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According to Fxempire.com today the EUR USD shared currency pair is trading in the close vicinity of the 1.1300 level but due to weak US data releases the trading cross is going to set camp in the proximity of the 1.1270 level in no time.

EUR/USD reacts to weak US data

I have noticed that the beginning of the trading month is rather weak on strong data releases and right now it seems that the currency pair is deploying a lot of effort in avoiding to lose the 1.1300 level. I believe that towards the end of the NA session the cross is going to set up camp close to the 1.1280 level and at the bottom of this stands the recent weak data releases in the United States data calendar.

The EUR single currency pair will continue to stay on the defensive side of the chart and so far it has reacted promptly at the weak German money market movement and the 10-year Bund dropped by a historical amount of -0.40% and more important at the horizon there is a US-EU trade dispute ready to begin as both parts are starting to gather a serious amount of steam.

Some important news came up today where C. Lagarde was nominated to be the next president of the European Central Bank this means that Mario Draghi will be retiring in November. So far investors know that C. Largarde is a centrist but the IMF has always favored the dovish way of handling things.

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

As for data releases the Services PMIs in the European Union and Germany has managed to bring softer trading tone for the EUR single currency.

At the same time across the ocean the release of the Initial Claims data went upwards more thatn everyone had previously predicted and the US private sector added fewer jobs than recently forecasted.

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 = 1.1310

Lowest level = 1.1260

Volatility level = Very High

Today’s Forex predictions

Here is my EUR USD forecast for tomorrow

Buy – 10%

Sell – 90%

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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 downwards by a negative value of -0.2% and it is trading in the proximity of the 1.1283 level and it is relying heavily on the 1.1275 level continuing with 1.1259 and lastly ending with 1.1181.

On the other side of the medal I believe that by jumping over the 1.1337 level this will definitely clear the trading path towards the 1.1412 level followed close up by 1.1448.

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