eur usd exchange rate

EUR/USD low close to 1.1160, Italy data eyed

  • EUR/USD is now trading in the proximity of the 1.1160 level.
  • The release of the CPI data in the EU went upwards by +1.7% on a year to year basis.
  • All eyes will be fixed on the Italian political updates.
  • There is a strong selling pressure in the close vicinity of the 1.1180 level.

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According to Fxempire.com today the EUR USD shared currency pair is trading in the proximity of the 1.1160 level and it seems that it is ending the trading week on a low note and the debut of the next week seems to be in the same trading manner.

EUR/USD vulnerable because of Italian data

I have noticed that EUR USD shared currency pair is reacting at the US DXY index which has published a value close to 98.00, the highest this month.

In the meantime the negotiations tensions between the United States and China begin to intensify and also continue to remain the main market driver for the risk levels. Chinese officials have already announced that there will be no easing of the tensions especially after the United States blacklisted the Chinese telecom giant Huawei.

On top of this there is a political effervescence unraveling in Italy which has stated that the European policymakers need to be extra careful especially before the EU parliamentary elections and to acknowledge that there will be a stronger presence of populism in the Parliament.

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

As for data release the calendar is rather shallow all eyes will continue to stay fixed on the US and China trade negotiations and there is a high probability that the United States will impose new tariffs on many EU products.

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

Sell is the main action for EUR/USD exchange rate

Highest level = 1.1210

Lowest level = 1.1160

Volatility level = Extremely High

Today’s Forex predictions

Here is my EUR USD forecast for tomorrow

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Buy – 25%

Sell – 75%

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 -0.05% and it is trading in the close vicinity of the 1.1169 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 medal I believe that by jumping over the 1.1246 level this will clear the trading path towards 1.1264 and lastly ending with 1.1308.

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