Europe's face-off with COVID infections will continue to hurt the Eurozone economy, which is facing other crises like in energy and global supply chains.
Technical Analysis
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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Technical Analysis
The Euro rallied a bit during the course of the trading session on Thursday to break above the top of the hammer from the previous session.
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The EUR/USD's attempts to correct upwards are still very weak, as the US dollar's gains are still helped by the imminent raising of US interest rates.
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The euro broke down significantly to plunge below the 1.13 handle, reaching towards the 1.1250 level.
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The EUR/USD has continued to lose value and is testing long-term support as price velocity downwards has quickened.
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US retail sales numbers joined the list of releases which are fueling expectations of a raising of US interest rates soon.
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The euro initially tried to rally on Tuesday but gave back the gains to go looking towards the 1.13 level.
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The EUR/USD continued its biggest decline since late September last week.
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The euro plunged yet again on Monday to slice below the 1.14 level.
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The downward trajectory of the EUR/USD price is getting stronger due to long-term bearish pressure factors.
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The euro went back and forth on Friday to show a bit of hesitation down at the 1.1440 level.
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The Euro has fallen again during the trading session on Thursday, as the European Central Bank ponders whether or not to do anything.
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US inflation recorded a sharp jump that may force the US Federal Reserve to move faster than the markets expected, and the US dollar returned to steal more gains against the rest of the other major currencies.
Technical Analysis
With the US dollar's gains stalled, the EUR/USD rebounded higher, but the gains did not exceed the 1.1608 level and the pair settled around 1.1582 as of this writing.
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The euro went back and forth on Tuesday, to test the 1.16 level yet again.
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