EUR/USD jumped to 1.1400, German IFO figures eyed

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  • EUR/USD currency pair is now trading in the proximity of the 1.1400 level.
  • The US DXY index has just published a value close to the 96.00 support level.
  • The German IFO figures have landed with mixed results.
  • There is a strong positive trading tone surrounding the currency pair at the beginning of the trading week which is around the 1.1410 point.

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According to Fxempire.com today the EUR USD shared currency pair is trading in the close vicinity of the 1.1400 level and it is already showing significant signs of moving upwards towards the 1.1410 level at the beginning of the trading week and at the bottom of this stands the IFO data released earlier in Germany.

EUR/USD continues to stay focused on the USD dynamics

I have noticed that at the beginning of the trading week the EUR USD shared currency pair is sticking like glue to new trading high trading points therefore jumping over the 1.1400 level is only a few pips away, this is certain as long as EUR related bulls continue to remain constant.

The European Union reacted promptly today at the release of the IFO figures in Germany and so far the results are relatively mixed for the current month June. The release of the Business Expectations has landed in the proximity of the 94.2 value while the Current Assessment found itself higher above most expectations around the 100.8 value. I have also noticed that the Business Climate has managed to land according to most predictions close to 97.4.

The EUR USD shared currency pair is also keeping a close eye on the US DXY index as well as at the risk levels. In the meantime investors are patiently waiting for the G-20 meeting to take place in Japan on the 28th and 29th of June.

The majority of investors feel certain that the USD weakness is the main market driver for the European single currency but towards the end of the week the European Central Bank is going to make an announcement related to the degree of the financial cuts in the region.

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

Still in the EU the European Commission is going to publish its preliminary measures of the volatile levels for the Euro area.

At the same time across the ocean in the United States the Markit is going to publish its preliminary readings for PMI prints in the United States economy followed close up by the Existing Home Sales data for the previous month.

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 = 1.1340

Lowest level = 1.1290

Volatility level = High

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Today’s Forex predictions

Here is my EUR USD forecast for tomorrow

Buy – 5%

Sell – 95%

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 +0.16% and it is trading in the close vicinity of the 1.1391 level therefore I believe that by jumping over the 1.1389 level this will definitely clear the trading path towards the 1.1419 level followed close up by 1.1448.

On the other side of the medal there are several solid points beginning with 1.1350 continuing with 1.1259 and lastly ending with the 1.1181 point.

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