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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The euro continues to be rather sideways in general, as we gained ever so slightly during a quiet session on Monday.
The EUR/USD's upward correction path during last week’s trading resulted in testing the 1.2150 resistance level.
The euro fell a bit during the trading session on Friday to reach down towards the 50-day EMA.
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The Euro rallied initially during the trading session on Thursday but gave back the gains in order to form a bit of a shooting star.
Throughout this week's trading, the EUR/USD, was in a bullish correctional range, which pushed it to the resistance level at 1.2144 before settling around 1.2126 as of this writing.
The euro tried to rally a bit during the trading session on Wednesday but gave back the early gains to show a less-than-exciting candlestick.
The euro rallied to break above the previous uptrend line, which should have in theory offered a significant amount of resistance.
For three trading sessions in a row, the EUR/USD pair is moving in an upward correction range, settling around the 1.2085 level.
The euro rallied again on Monday as we seem to be lacking any real decisive action yet again.
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Last week's downward correction pushed the EUR/USD pair to the 1.1952 support level, its lowest in two months, before settling around 1.2050 after the US jobs numbers were announced.
The euro rallied rather significantly on Friday to wipe out all the losses from Thursday.
The Euro has broken down below the 1.20 level during the trading session on Thursday, as it looks like we are going to continue to see a lot of volatility in this pair.
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The bearish path that the EUR/USD pair is traversing is getting stronger, with the pair approaching the psychological support level at 1.2000.
The euro fell initially during the trading session on Wednesday to reach down towards the psychologically important 1.20 level.
As we await of the release of Eurozone inflation figures, the EUR/USD is struggling not to collapse below the 1.2000 psychological support level.