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!
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According to Fxempire.com today the EUR USD shared currency pair is trading in the close vicinity of the 1.1150 level and it is already showing serious signs of moving downwards in the close vicinity of the 1.1100 level due to weak US data.
EUR/USD reacts to German data
I have noticed that at the beginning of the trading week the EUR USD shared currency pair has lost a significant amount of trading ground and with major problems such as the never ending trade negotiations between the United States and China weighing over, it’s more than obvious that the money markets are gathering a lot of steam.
I believe that the 1.1200 level is still very far away from becoming a trading reality because the currency pair is already showing strong signs of trading low in the proximity of the 1.1100 level.
As for data release I have noticed that the release of the Producer Prices in Germany went upwards by +0.6% for the previous month of April and by +2.5% on a year to year basis therefore surpassing by a far shot most predictions.
It is in my belief that the EMU Current Account data will be the most expected event of the trading session and it will be coming right after the speech held by a European Central Bank official, respectively Mr. P.Praet.
Why I think EUR/USD exchange rate is one of the best currencies to trade right now
At the same time across the ocean in the United States the FED Activity index is just around the corner of being released followed by the FOMC conference.
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
Highest level = 1.1170
Lowest level = 1.1100
Volatility level = Extremely High
Today’s Forex predictions
Here is my EUR USD forecast for tomorrow
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Buy – 45%
Sell – 55%
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 -0.03% and it is trading in the close vicinity of the 1.1153 level and it is relying heavily on the 1.1135 level followed close up by 1.1109 and lastly ending with 1.0839.
On the other side of the coin I believe that by jumping over the 1.1242 this will definitely open the trading path towards the 1.1264 level followed close up by 1.1305.
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