EUR/USD lost momentum around 1.1230, US DXY index eyed

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  • EUR/USD currency pair has dropped dramatically today close to the 1.1230 level.
  • The US DXY index has posted a weekly high value next to 97.40.
  • Investors are currently keeping a close eye on the release of the US Retail Sales figures.
  • The shared currency pair is closing the trading week in the proximity of the 1.1220 trading area.

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According to Fxempire.com today the EUR USD shared currency pair is trading low in the close vicinity of the 1.1230 level and it is reacting promptly at the release of the US DXY index data as well as the US Retail Sales figures.

EUR/USD going low on account of US data

I have recently noticed that there is a lot of selling pressure surrounding currency pair and the US economy is dealing with the release of the Retail Sales data which has managed to grow in volume by a positive value of +0.5% for the previous month of May. On top of this the release of the Core sales data has also managed to grow by a value of +0.5% on a monthly basis.

Still in the United States the Industrial Production figures also increased in volume by a value of +0.4% on a monthly basis and the Manufacturing Production posted a value of +0.2% in May, therefore all data releases have managed to jump over most expectations.

I have also noticed that investors are waiting for the releases of the flash U-Mich index for this current month as well as for the April’s Business Inventories which will close the monthly releases.

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

It is in my belief that the US Fed’s rate cut is going to have a significant impact on the overall trading process and it is going to offer a breath of fresh air to the US yields

As for politics segment the Italian politics have been predicted to remain a solid source of 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

Highest level = 1.1250

Lowest level = 1.1210

Volatility level = High

Sell is the main action for EUR/USD exchange rate

Today’s Forex predictions

Here is my EUR USD forecast for tomorrow

Buy – 15%

Sell – 85%

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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 huge negative value of -0.37% and it is trading in the proximity of the 1.1234 level and it is going to rely heavily on the 1.1219 point followed close up by 1.1200 and lastly ending with 1.1115.

On the other side of the coin I believe that by jumping over the 1.1347 barrier this will definitely clear the path towards the 1.1360 level at first followed close up by 1.1448.

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