Are you searching for a strong currency which is racing upwards on the trading chart? Guess what? Now you can make some great Pips on the EUR USD currency pair!
Here I will share what I believe about the EUR USD movement on the trading chart today. I will explain in details why this is going to happen and how can it be in your advantage.
- EUR USD trading has increased its trading pace today and selloff is highly probable to happen in the US markets.
- The base of this trading session is going to be around the 1.1710 level and there will be a lot of focus on the 1.1700 point.
- Strong resistance is going to build up around the 1.1690 level.
- Only by breaching the 1.1575 level this will clear the path downwards to the 1.1520 level.
According to FxEmpire.com today the shared currency pair is going to trade upwards above the 1.1720 level and it will continue to trade as such until the New York trading session opens later in. Caution is extremely necessary.
EUR/USD is waiting for the European Central Bank to act
Today the EUR/USD shared currency pair will be building up a lot of steam around the 1.1700 level will be highly influenced by the US DXY index in which the greenback will trigger a selloff, hopefully the European Central Bank has already announced that a consolidation path is already underway after today’s main event.
In the European Union there will be no solid data release from France or Italy but there is going to be a solid release in Germany where the GfK Consumer Climate data has be scheduled for today and hopefully this will ease off some of the steam. In the meantime across the ocean the EU and U.S is turning out to be a full trade war filled with negotiations.
EUR/USD analysts feel confident that the trading day will be saved by the EU which will offer plenty of support, positive data will also be coming from the update on the ECB monetary policy.
At this point it is more than clear that the ECB President Mario Draghi will discuss a policy update but that will not be necessary as the inflation levels are still very low and the trading sentiment will not in any way.
Let us know how you feel about the EU and US trade war? Do you feel that President Trump is just biding his time or is he acting on strategy here? Even if you are a novice trader we would still like to know your opinion!
Highest level = 1.1745
Lowest level = 1.1705
Volatility level = High
Our Trading Predictions
We advise you to:
- Sell EUR USD 21%
- Buy EUR USD 79%
S3 = 1.1624 S2= 1.1624 S1 = 1.1718
R1 = 1.1810 R2 = 1.1822 R3 = 1.1850
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EUR/USD significant trading levels
Right now the EUR/USD shared currency pair is going downwards by a negative value of -0.13% and it is currently trading in the close vicinity of the 1.1714 point therefore by breaching the 1.1670 level this will clear the trading path towards the 1.1547 level at first followed close up by the 1.1608 point.
On the other side of the table there are several solid levels beginning with the 1.1769 point continuing with the 1.1812 level and lastly ending with the 1.1883 level.
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