Are you searching for a strong currency which is racing upwards 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!
Here I will share what I believe about the EUR/USD movement on the trading chart today. I will explain in details why this is going to happen and how can it be in your advantage.
|Factors that might affect this pair today|
According to FxEmpire.com the EUR/USD exchange rate is now trading low in the European Union market and there is no stopping this descent as the trading cross has just dropped close to 1.1430.
EUR/USD exchange rate is going on a risky yearly trend
I have noticed that at the beginning of the trading year the trading cross is very low and it seems that it has entirely lost the 1.1550 level for the weaker trading point of 1.1430.
I believe that this low correction path comes as a direct response to the US DXY index movement which so far it has managed to reach the high level of 96.00 where it is already building up significant resistance. I believe that until January ends we are going to witness a lower greenback around 95.20.
EUR/USD January trading predictions
I believe that at the beginning of the year the USD dynamics will definitely continue to be the main influencer of the price action on all major charts.
I suggest waiting for the European Central Bank announcement about any policy updates and as you are waiting investors will also be more than vigilant with any messages for any market movements.
It is in my opinion the biggest threat for the exchange rate is bound to appear along with any kind of deterioration of data in the European Union.
Why I think EUR/USD is one of the best currencies to trade right now
I have noticed that USD dynamics are very weak at the beginning of the trading year and the release of the manufacturing PMI prints did not manage to produce any effects whatsoever and ultimately failed to surprise any market participants thus further losing more trading ground for the fifth consecutive month.
Today I advise you to use the SELL action as much as possible!
Let us know how you feel about the fact that the Brexit negotiations have managed to influence the whole trading process in the European Union? Will the currency pair jump over the 1.1480 level? Let us know how you feel about this? 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 = 1.1440
Lowest level = 1.1396
Volatility level = Extremely High
Today’s Forex predictions
Here is my EUR/USD forecast for tomorrow
Buy – 10%
Sell – 90%
S3 = 1.1295 S2= 1.1361 S1 = 1.1393
R1 = 1.1330 R2 = 1.1395 R3 = 1.1422
EUR/USD significant trading levels
For the time being the EUR/USD shared currency pair is going downwards by a negative value of -0.22% and it is trading in the proximity of the 1.1436 level therefore by jumping over the 1.1417 level this will definitely clear the trading path towards the 1.1386 level at first followed close up by 1.1268.
On the other side of the coin there are several solid levels for the exchange rate beginning with the 1.1547 level continuing with the 1.1623 point and lastly ending with the 1.1655 point.
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