EUR/USD is setting up camp close to 1.1200, FOMC data on tap

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  • EUR/USD currency pair will continue to stay close to the 1.1200 level.
  • There is a high amount of tension in the global trading markets.
  • The release of the FOMC minutes is one of the most important data release for today.
  • There is a high demand for the currency pair and it will continue to levitate around the 1.1200 area.

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According to Fxempire.com today the EUR USD shared currency pair is trading in the close vicinity of the 1.1190 level and it is showing strong signs of setting up camp in the proximity of the support zone of 1.1200.

EUR/USD keeps a close eye on US-related events

I have noticed that the shared currency pair has managed to meet a lot of support around the 1.1190 level and it is preparing to reach the 1.1200 level.

In the European Union the decline of the German yields is having a strong impact on the economic movement in the region and it is further enhancing the slowdown in the euro zone, more important investors believe that some rate cuts my appear from the European Central Bank.

As for data releases the Industrial Production data in Italy are the most important figures of the trading day in the EU.

Across the ocean in the United States the Fed’s Powell statement will be of high importance as well as the release of the FOMC minutes.

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 = 1.1270

Lowest level = 1.1220

Volatility level = Very High

Today’s Forex predictions

Here is my EUR USD forecast for tomorrow

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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 upwards by a positive value of +0.4% and it is trading in the proximity of the 1.1215 level and I believe that by jumping over the 1.1231 level this will definitely clear the path towards the 1.1326 followed close up by 1.1412.

On the other side of the coin I have noticed that the shared currency pair is relying heavily on the 1.1193 level followed close up by 1.1181 and lastly ending with 1.1106.

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