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, at the beginning of the trading week, the EUR USD shared currency pair is trading low in the proximity of the 1.1210 level and it has received a lot of negative influence from the release of the weak US NY Empire State Index figures.
EUR/USD is waiting for the ECB conference
I have noticed that today the EUR USD shared currency pair is preparing to move on to even lower points all of which are in the proximity of the 1.1220 level and to a certain extent later towards the end of the trading session close to the 1.1200 point.
As a matter of fact many investors have noticed that there is a lot of selling steam building up around the USD and so far the release of the NY Empire State index went downwards by a negative value of -8.6for the current month and it’s currently situated as a historic low since 2016.
I have also noticed that there are several discussion regarding the US Fed rate cut and will definitely have a significant impact on the US DXY index which is now close to 97.30.
Still in the United States traders are waiting for the release of the NAHB index.
A large amount of focus will continue to stay on the European Central Bank which is set to hold a Forum in Portugal later this week in which policy updates and inflation levels will be discussed.
Why I think EUR/USD exchange rate is one of the best currencies to trade right now
It is in my belief that the US Fed’s rate cut is going to have a significant impact on the overall trading process and it is going to offer a breath of fresh air to the US yields
As for politics segment the Italian politics have been predicted to remain a solid source of volatility for the overall trading process.
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!
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A summary of Highs and Lows for the EUR USD
Highest level = 1.1230
Lowest level = 1.1200
Volatility level = 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 downwards by a negative value of -0.23% and it is trading in the close vicinity of the 1.1237 level therefore by breaching the 1.1347 level this will definitely clear the trading path towards 1.1358 followed close up by 1.1448.
On the other side of the coin there are several solid points starting with 1.1202 followed close up by 1.1200 and lastly ending with 1.1115.
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