eur usd, eur usd exchange rate

EUR/USD is setting up camp next to 1.1270, US figures eyed

  • EUR/USD currency pair keeps the trading cross close to 1.1270 at the start of the week.
  • There is a high amount of steam within the global trading markets.
  • One of the most important data releases will be the Empire State index in the US.
  • The trading week began with a big level of optimism around the support zone of 1.1270.

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According to today the EUR USD shared currency pair is trading in the proximity of the 1.1270 level and it is showing strong signs of moving upwards towards the 1.1290 points towards the end of the trading session.

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EUR/USD keeps a close eye on US data

I have noticed that at the beginning of the trading week the EUR USD shared currency pair is already surrounded by a huge amount of movement speculations mostly because of the recent announcement of rate cuts issued by the US Fed earlier last week, but in spite of this investors are still analyzing the value of the cuts for the near future and how it is going to affect the overall trading process.

In addition to this I recommend a significant amount of cautiousness because this rate cut is definitely going to attract a lot of traction especially for the EUR investors. Still in the EU the European Central Bank has recently announced some easing fiscal measures and we will see more details at the beginning of September when the first official meeting is going to take place regarding this predicament.

In the mean time in the European Union the data calendar will be rather shallow but all eyes will be fixed across the ocean in the United States namely on the release of the NY Empire State index followed by the speech of Mr. J.Williams on behalf of the FOMC.

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

I believe that a lot of influence is still coming from the management changes within the European Central Bank leadership where Mr. C.Lagarde has been nominated to succeed Mario Draghi and because of this the ongoing slowdown in the region might come to an end as Lagarde will deploy all effort to stop this from continuing.

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 = 1.1289

Lowest level = 1.1240

Volatility level = Extremely 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 +0.03% and it is trading in the vicinity of the 1.1273 level and it is in my belief that by jumping over the 1.1286 level this will definitely clear the trading path towards the 1.1323 level followed close up by 1.1412.

On the other side of the coin there are several solid points starting with 1.1193 continuing with 1.1181 and lastly ending with 1.1106.

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