EUR/USD pair close to 1.1250, ECB data eyed

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  • EUR/USD currency pair is reacting promptly at the ECB economic decision.
  • ECB President Mario Draghi mentioned that the TLTRO pricing is going to be discussed next.
  • The release of the FOMC data will be main event of the trading session.
  • There is a strong selling pressure surrounding the EUR single currency.

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According to Fxempire.com today the EUR USD shared currency pair is trading in the close vicinity of the 1.1250 level and it is reacting promptly at the recent ECB release

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EUR/USD keeps a close eye on the ECB

It is in my believe that the shared currency pair is now under a lot of trading pressure and with the new data release it seems that it is building a lot of steam most of which came directly from the recent ECB announcement where President Mario Draghi said that is it still very early to take a decision regarding the deposit rate system functions or the TLTRO data, by all means Draghi underlined the fact that the Council will be the one deciding on the direction of this system modification.

I have also noticed that Marion Draghi declared that the fiscal policies are still offering plenty of support for the economy in the European Union, however there is still a risk regarding the movement of the downside movement. I believe that the European Central Bank will deploy all efforts in sustaining a decrease in inflation figures.

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

I feel confident that the EUR single currency will continue to stay under a lot of steam for the time being and at the bottom of this stand the recent weak data releases in the European Union.

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 = 1.1260

Lowest level = 1.1240

Volatility level = Very High

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Today’s Forex predictions

Here is my EUR USD forecast for tomorrow

Buy – 0%

Sell – 100%

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 small yet positive value of +0.2% and it is trading in the proximity of the 1.1258 level and it is relying heavily in the close vicinity of the 1.1230 level followed close up by 1.1183 and lastly ending with 1.1176.

On the other side of the medal by jumping over the 1.1284 level this will definitely clear the trading path towards the 1.1318 level at first followed close up by 1.1337.

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