eur usd, eur usd exchange rate

EUR/USD started off at 1.1200, ECB data on tap

  • EUR/USD currency pair is facing a lot of pressure around the 1.1200 point.
  • The US DXY index is shining on the positive side of the chart.
  • All eyes will be fixed on the EMU Sentix Index release.
  • There is also a lot of selling steam building up around the 1.1200 support point.

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According to today the EUR USD shared currency pair is deploying a lot of effort in jumping over the 1.1200 level where it still has managed to find a lot of solid support. All eyes will stay fixed on the release of the PMI Services release.

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EUR/USD began the trading week on a weak pace

I have noticed that the EUR USD shared currency pair is now surrounded on all sides by a strong pessimism and investors are reacting in the same manner and I believe that at the bottom of this continues to stand the jitters coming in from the US and China trade disputes.

It is also in my believe that global markets have reacted promptly after US President Donald Trump stated that the United States is bound to further increase taxes on Chinese goods therefore eviscerating any trace of economic peace, harmony and optimism in the markets.

As for the European Union I have noticed that one of the most important events will be the release of the Service PMI followed by the Investor Confidence measured by the Sentix Index and lastly the Retail Sales in the EU bloc.

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

Investors are now keeping a close eye on the German data releases which will have a significant impact on the regional economic slowdown.

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 = 1.1240

Lowest level = 1.1190

Volatility level = High

Today’s Forex predictions

Here is my EUR USD forecast for tomorrow

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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 small yet positive value of +0.2% and it is trading in the close vicinity of the 1.1193 level and it will be relying heavily for support on the 1.1109 level followed close up by the 1.0839 point and lastly ending with 1.0569. On the other side of the coin by jumping over the 1.1264 level this will definitely clear the trading path towards the 1.1271 level followed close up by 1.1323.

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