Are you searching for a strong currency with potential on the trading chart? Guess what? Now you can make some great Pips on the EUR USD exchange rate and begin your journey as a successful trader!
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According to Fxempire.com today the EUR USD shared currency pair is trading extremely low in the close vicinity of the 1.1400 level and it is showing significant signs of moving downwards even more in the proximity of the 1.1100 point.
EUR/USD scales down because of weak data
I have recently noticed that the EUR USD shared currency pair is now trading in the close vicinity of the 1.1100 level and this is the record for this year’s lowest trading point in the European Union trading session and one thing is clear and that is that it’s going to have to face a lot of downside pressure.
I have also noticed that at the bottom of this stands the recent data release in Germany where the IFO survey published yesterday has amplified many concerns regarding the slowdown in the domestic economy.
Today there are no consistent data releases in the European Union but across the ocean in the United States investors will be patiently waiting for the release of the Initial Claims and Durable Goods Orders data.
Why I think EUR/USD exchange rate is one of the best currencies to trade right now
It is in my belief that the USD dynamics will be reacting promptly to the ongoing trade negotiations between the US and China and so far it seems that the US tariffs will grow on the European Union products.
The European Central Bank will continue to stay in a neutral position for the measurable 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
Highest level = 1.1160
Lowest level = 1.1100
Volatility level = Extremely High
Today’s Forex predictions
Here is my EUR USD forecast for tomorrow
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Buy – 35%
Sell – 65%
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 -0.1% and it is trading in the close vicinity of the 1.1152 level and it is will be relying heavily on the 1.1140 level followed close up by 1.1118 and lastly ending with 1.0839.
On the other side of the coin I believe that by jumping over the 1.1238 level this will definitely clear the trading path towards 1.1285 at first followed close up by 1.1323.
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