The EUR/USD pair is highly recommended for traders who are only beginning to trade Forex. It trades easily by retail traders as well as by Central banks and financial institutions around the world.
The most active trading sessions takes place in London and New York and the most commonly used EUR/USD Forex charts are the Daily, 4 Hour and 1 Hour charts. The traders at Daily Forex will post the latest Euro to US dollar forecasts and will keep you totally updated regarding EUR/USD trading.
EUR/USD receives additional interest from volume generated by the Euro-crosses (e.g. euro/British pound (EUR/GBP), EUR/CHF and EUR/JPY. This interest tends to be contrary to the underlying U.S. dollar direction, making it an attractive market for short-term traders.
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In my daily analysis of the EUR/USD pair, it’s obvious that we have plunged quite drastically after breaking above the 1.10 level during the previous session.
Following the announcement of lower-than-expected US inflation figures yesterday, bulls managed to push the EUR/USD currency pair above the psychological resistance of 1.1000, with gains extending to the 1.1047 resistance level, the highest for the currency pair since the beginning of 2024.
Amidst a bullish momentum supported by the decline in US inflation figures, the EUR/USD currency pair has returned to the psychological resistance level of 1.1000, bolstering the dominance of bulls.
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Recently, the EUR/USD exchange rate has consolidated its gains made in early August in recent trading, but it may have room to decisively overcome the nearby resistance around 1.0935 and approach the 1.10 level in the coming days.
The EUR/USD pair failed to sustain its gains at the beginning of the week, reaching the resistance level of 1.1008, the highest for the pair since the beginning of 2024.
For the second consecutive day, the EUR/USD currency pair has been under selling pressure as profit-taking emerged following the pair's break above the 1.1000 psychological resistance level.
The EUR/USD currency pair has maintained stability around and above the 1.09 level, following its climb to a seven-month high of 1.1008 dollars.
Amid strong upward momentum supported by dollar weakness, the EUR/USD pair moved towards the psychological resistance level of 1.1000, their highest level in seven months.
At the end of last week’s trading, the euro rose by about 1%, surpassing the resistance level of 1.0926 before closing the week’s trading stable around the level of 1.0910.
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The euro hovered around $1.082, remaining below a four-month high of $1.094 touched on July 17, as traders digested key economic data and assessed the next move from the European Central Bank.
The euro held steady around the $1.0815 support level, remaining below a four-month high of $1.094 hit on July 17, as fresh key economic data did little to change traders’ bets on a European Central Bank rate cut in September.
The EUR/USD exchange rate is expected to remain under moderate pressure in the coming days, with focus on Eurozone inflation figures ahead of the Fed decision and US wage figures.
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During last week's trading, the bears tried hard to push the EUR/USD price below the support level of 1.0800 to further confirm the strength of the downtrend.
In the daily Euro analysis, I can see that we initially dropped a bit only to turn around and show signs of life.
The EUR/USD has continued its decline, reaching a support level of 1.0825, falling short of its four-month high of 1.094 reached on July 17.