EUR/USD is under pressure around 1.1300, US Producer data on tap

  • EUR/USD is now facing a huge amount of pressure around 1.1300.
  • The release of the EMU Sentix index disappointed many investors in June.
  • The United States Producer Prices went upwards by +0.1% on a monthly basis in May.
  • The currency pair is losing ground in keeping the 1.1300 support area.

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According to Fxempire.com today the EUR USD shared currency pair is still trading in the close vicinity of the 1.1300 level and it is receiving solid influence from the release of the EMU Sentix index as well as from the US Producer prices.

EUR/USD is turning weak

Today I have noticed that the EUR USD shared currency pair is trading in the close vicinity of the 1.1330 level and it is going to rely heavily on the support point of 1.1300 for both the US and German money markets.

I have noticed that the 10-year yields in the United States went upwards by a positive value of +2.18% earlier today therefore increasing the gap compared to German 10-year data.

As for data releases the US Producer Prices went upwards by +0.2% for the month of May and by +1.8% on a yearly basis.

On top of this the release of the Core data went upwards by +0.2% on a month to month basis and by +2.3% on a yearly note. Investors will be waiting for the release of the NFIB index which already has been predicted to land close to 105.0 for the previous month.

It is in my belief that the risk levels are reacting promptly in accordance with the USD dynamics. I have also noticed that the United States is imposing new tariffs on China and Mexico.

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

As for politics segment the Italian politics have been predicted to remain a solid source of uncertainty and volatility for the overall trading process.

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 = 1.1240

Lowest level = 1.1190

Volatility level = Extremely 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 shared currency pair is going upwards by +0.5% and it is trading in the close vicinity of the 1.1319 level therefore by breaching the 1.1347 point this will definitely clear the trading path towards the 1.1365 followed close up by 1.1448.

On the other side of the medal there are several solid points beginning with 1.1272 continuing with 1.1216 and lastly ending with 1.1200 level.

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