eur usd, eur usd exchange rate

EUR/USD pair is low next to 1.2550, ECB data on tap

  • EUR/USD currency pair has fallen close to 1.1200.
  • The US DXY index has posted a value close to 97.35.
  • The release of the IFO data in Germany has managed to surprise market participants.
  • There is a strong buying interest surrounding the EUR single currency.

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According to today the EUR USD currency pair is trading in the lower part of the trading chart in the close vicinity of the 1.1200 level but so far it has managed to show strong signs of moving upwards close to the 1.1240 level and to a certain extension it might reach the 1.1260 level

EUR/USD found strong support around 1.1220

I have noticed that at the beginning of the trading week the EUR USD shared currency pair has managed to shake off most of the negative influence received last week from the release of the awful manufacturing PMI prints in the European Union for the month of march therefore it has managed to set up camp close to the 1.1220 level.

It is more than clear that selling bias will be shadowing the US DXY index for a while longer and it will be prompting the greenback to stay solid around 97.40/50.

Back on the old continent the release of the IFO survey in Germany will be coming around the middle of the trading week and investors will definitely keep a close eye on the evolution of the EU slowdown in the region.

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

There will some mediocre influence coming in from the US and China trade discussions but everyone will get excited on the possibility of finally striking a deal.

Back in the European Union the ECB will continue to remain neutral for the close future.

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 = 1.1210

Volatility level = Very 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 trading upwards by a positive value of  +0.2% and it is trading in the close vicinity of the 1.1250 level and I believe that by jumping over the 1.1323 level this will clear the trading path towards the 1.1338 point followed close up by 1.1341.

On the other side of the medal there are several solid points starting with 1.1226 level followed close up by 1.1183 and lastly ending with 1.1176.

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