eur usd exchange rate

EUR/USD is trading close to 1.1210, ECB data eyed

 

  • EUR/USD currency pair has managed to recover from negative territory.
  • FOMC is keeping the rates on hold.
  • All eyes will be fixed on the release of the PMI prints in the EU.
  • The cross has finally managed to jump over the 1.1200 level and it is now setting up camp next to 1.1210.

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According to Fxempire.com today the EUR USD shared currency pair has managed to finally leave behind the 1.1200 level and it is now trading with a lot of ambition in the close vicinity of the 1.1220 level.

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EUR/USD is reacting to the EU data

I have noticed that today the shared currency pair has managed to jump over the 1.1210 level and it has reached the 1.1270 level but due to lack of consistent data it will quickly rest in the proximity of the 1.1220 and it will most likely wait patiently for some data from the FOMC.

I also believe that the FOMC conference will not be as dovish as most investors expect and after Powell’s declaration regarding the rate cuts the pair will continue to stay tensed up until the trading week finishes.

Economic outlook shows that hopes are still high regarding a change in good for the currency pair but the consumer prices will have to react to the Fed’s target, ultimately this is going to push the US DXY index in the vicinity of the 97.70 zone.

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

I am confident that the release of the manufacturing PMI prints will bring some positive vibes in the European Union just before the P.Praet holds a statement regarding the inflation levels.

In the meantime across the ocean in the United States investors will also be waiting for the releases of the labor market.

The European Central Bank will continue to stay in a neutral position for the measurable future.

As for political influences the upcoming parliamentary elections in the European Union are offering a lot of influence and all investors will keep a close eye on the populist option among voters.

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 = 1.1160

Volatility level = High

Today’s Forex predictions

Here is my EUR USD forecast for tomorrow

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Buy – 15%

Sell – 85%

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 trading cross is going upwards by a positive value of +0.14% and it is trading in the close vicinity of the 1.1206 level and I believe that by jumping over the 1.1264 level this will definitely clear the trading path towards the 1.1275 level followed close up by 1.1323 level. On the other side of the medal there are several solid points beginning with 1.1109 followed close up by 1.0839 and lastly ending with 1.0569.

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