Are you searching for a strong currency with potential on the trading chart? Guess what? Now you can make some great Pips on the EUR USD exchange rate and begin your journey as a successful trader!
According to Fxempire.com today the EUR USD shared currency pair is trading in the close vicinity of the 1.1240 level and it is deploying a lot of effort in jumping past this point but the trading week will end in the proximity of the 1.1250 level.
EUR/USD is weak after the NFP release
I have noticed that at the end of the trading week the EUR USD shared currency pair is trading low in the vicinity of the 1.1240 level and it is going to stay here for a while until the US data releases are going to grow and improve the overall trading sentiment. I have also seen that the NFP data landed low and had a significant impact on the USD weakness.
The currency pair is going to keep on losing territory especially in the United States where it has created fewer jobs which are close to the 224000 number of jobs for the previous month of June. Further data showed that the unemployment figures missed by a value of 3.7%.
On top of this I have noticed that the release of the Average Hourly Earnings increased in value by +0.2% on a monthly basis and by +3.1% for the previous year therefore missing most predictions.
I feel confident that the USD dynamics are going to suffer a blow if these numbers keeping on posting low and the inflation rates are going to go upwards.
At the same time in the European Union there are no significant data releases.
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!
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|Forex and Profits presents Today’s Free Forex Signal
A summary of Highs and Lows for the EUR USD
Highest level = 1.1270
Lowest level = 1.1220
Volatility level = Very High
Today’s Forex predictions
Here is my EUR USD forecast for tomorrow
Buy – 10%
Sell – 90%
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 -0.30% and it is currently trading close to the 1.1248 level and it is going to rely heavily on the 1.1242 level followed close up by 1.1200 and lastly ending with 1.1181.
On the other side of the medal I believe that by jumping over the 1.1332 level this will definitely clear the trading path towards the 1.1412 point continuing with 1.1448.
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