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 initially tried to rally during the trading session on Tuesday, but as you can see, it fell a bit to break down through a trendline.
For four trading sessions in a row, the EUR/USD pair has been moving in a downward correction range, which pushed it towards the 1.1780 support.
The Euro has pulled back a bit during the trading session on Monday, but you should keep in mind that it was Labor Day in the United States so therefore there was a serious lack of liquidity during at least half of the session.
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The EUR/USD pair did not enjoy last week’s gains, which reached its highest level in two years when it tested the 1.2010 resistance.
The Euro fell again during the trading session on Friday, but just as we had seen on Thursday, sellers got beat back near the 1.18 level.
The Euro fell hard for the last couple of days, but the Thursday session was interesting as we turned around and recovered enough to form a massive hammer.
For the third day in a row, the EUR/USD has been exposed to a downward correction that pushed it towards the 1.1796 support at the time of writing, with the pair abandoning its highest level in two years when it reached the 1.2010 resistance during Tuesday's trading.
The Euro has broken down significantly during the trading session on Wednesday, as we have reached below the 1.1850 level.
EUR/USD: Euro is relatively weak
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As recently expected, the bulls might target the 1.2000 psychological resistance for the EUR/USD pair
The Euro initially shot higher during the trading session on Tuesday, reaching towards the 1.20 level.
The EUR/USD pair succeeded in achieving a quick compensation for last week's losses.
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The Euro rallied again during the trading session on Monday but has pulled back from the highs as we continue to see a lot of noise between here and the 1.20 level.
This contributed to an upward closing of the EUR/USD price, reaching the 1.1919 resistance.
The Euro rallied significantly during the trading session on Friday to test the 1.19 level above.