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!
According to Fxempire.com today the EUR USD shared currency pair has managed to reach the 1.1300 level and it is already showing strong signs of closing the trading week on a higher note mostly because of the positive influence which came in from the German data release.
EUR/USD reacts to German data
I have noticed that the shared currency pair has managed to reach the 1.1300 level at the end of the trading week therefore leaving the 1.1260 level far behind.
I have also seen that the USD weakness is mostly because of the wide array of speculations surrounding the US Fed’s rate cut and this has obviously brought new tensions. Back on the old continent the European Central Bank has managed to offer the EUR single currency a lot of trading support across the trading week.
As for data release the release of the Industrial Production figures in Germany went upwards by a value of +1.9% for the previous month surpassing most expectations, still in the European Union the French trade balance came out and outlined the idea that it will have the same mediocre influence as the Italian Retail Sales release.
In the meantime across the ocean in the United States the non-farm payrolls data will be the most important data release of the week.
Why I think EUR/USD exchange rate is one of the best currencies to trade right now
As for political influences the Italian government has announced its long list of worries regarding the volatility level across the chart as well as the economic discomfort that it is going to influence the European Union fiscal rules.
Today I advise you to use the SELL action as much as possible!
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A summary of Highs and Lows for the EUR USD
Highest level = 1.1240
Lowest level = 1.1190
Volatility level = Extremely High
Today’s Forex predictions
Here is my EUR USD forecast for tomorrow
Buy – 15%
Sell – 85%
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 positive value of +0.11% and it is trading in the close vicinity of the 1.1267 level and it is relying heavily on the 1.1214 level followed close up by 1.1194 and lastly ending with 1.1116.
On the other side of the coin I believe that by jumping over the 1.1309 level this will definitely clear the trading path towards 1.1323 followed close up by 1.1343.
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