EUR/USD slowly climbed to 1.1230, Italian data eyed

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  • EUR/USD is facing a lot of pressure around the 1.1230 level.
  • The US Fed has ignored a 50 bps rate cut.
  • Italian PM Mr. Salvini is meeting Di Maio before the beginning of the elections rumours.
  • The trading cross is preparing for a new wave of selling pressure which will eventually lead to a new set of daily lows around the 1.1210 zone.

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According to Fxempire.com today the EUR USD shared currency pair is trading in the proximity of the 1.1220 level and it is already showing some signs of moving upwards in the proximity of the 1.1230 point but it will be receiving a lot of influence from the EU especially from the upcoming Italian elections.

EUR/USD going down because if Italian politics

I have noticed today that the EUR USD shared currency pair is gathering a lot of steam and as it is building a strong amount of pressure the FOMC’s representative Mr. J.Bullard has managed to create some waves in the trading markets by stating that a 25 bps rate cut looks rather appropriate for the current evolution of the United States economic pace and in wider terms this translates into a way larger cut for the July prediction.

I have also seen that another important source of weakness is the controversial politics in Italy where the Lega Nord’s leader M.Salvini stated that he is going to meet up with Mr. L.Di Maio from the other party in order to discuss avoiding the government crisis as well as any kind of elections predicaments.

As for data releases the Producer Prices released earlier in Germany has managed to disappoint many investors because most estimates have been rather good since June but unfortunately did not land according to any kind of predictions.

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

A lot of data is still coming in from the United States and China infinite trade negotiations which will keep the trading cross around the 1.1200 level for a while longer.

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 = 1.1240

Lowest level = 1.1190

Volatility level = Extremely High

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Today’s Forex predictions

Here is my EUR USD forecast for tomorrow

Buy – 10%

Sell – 90%

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 -0.45% and it is trading in the vicinity of the 1.1225 point followed close up by 1.1193 continuing with 1.1181 and lastly ending with 1.1106.

On the other side of the coin I believe that by jumping over the 1.1286 level this will definitely clear the trading path towards the 1.1317 point followed close up by 1.1412.

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