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 went back and forth during the trading session on Tuesday, forming a “long-legged doji”, which shows extreme volatility yet extreme uncertainty.
EUR/USD: US Dollar’s Weaker Value Likely Will Continue In July
In the beginning of this week’s trading, the EUR/USD pair attempted to correct upwards with gains reaching the 1.1288 resistance
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The Euro has initially rally during the trading session on Monday, but then gave back quite a bit of the gains once the market reached towards the 1.13 level.
After the recent EUR/USD sell-off and in light of the US dollar strength as a safe-haven currency with the beginning of a coronavirus second wave, this pair has moved below the 1.1200 support level.
The Euro has had a choppy session on Friday, as it tries to figure out where it is going next.
The Euro fell a bit during the trading session on Thursday but found quite a bit of support near the 1.12 level yet again,
The Euro tried to rally during the trading session on Wednesday but failed at the 1.1350 level yet again.
After steady gains against the US Dollar during most of June, sudden fear in the forex market sparked by renewed worries about Coronavirus has caused a selloff of the Euro against the US Dollar.
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The weakening of the US dollar, along with the positive results of the European economic data, helped the EUR/USD to correct upwards to the 1.1348 resistance
The Euro rallied significantly during the trading session on Tuesday but continues to find resistance above, close to the 1.1350 level.
After the recent EUR/USD selling, which pushed it towards the 1.1168 support for two trading sessions, the pair could not go below that.
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The Euro initially surged during the trading session on Monday, reaching all the way towards the 1.1275 level before running into a bit of trouble.
The pressure on the single European currency increased with the failure of European leaders to reach a deal to revive the European economy along with the increasing numbers of deadly coronavirus infection with the reopening of the global economy, which brought the US currency momentum to move the EUR/USD to the 1.1168 support.
The Euro rallied a bit during the trading session initially on Friday but then turned around to show signs of strength.