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 rallied a bit during the trading session on Thursday, but it still did not break above the top of the shooting star from Wednesday.
The Euro initially tried to rally during the day on Wednesday but ran into a buzz saw of resistance in the area just above the 1.11 handle again.
Following the advance in the EUR/USD into its short-term resistance zone, the upside momentum remains exhausted and a short-term corrective phase is anticipated.
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The Euro went back and forth during the trading session on Tuesday, as the 1.11 level is massive resistance, and it looks very likely to be an area that we will struggle with.
The Euro rallied rather significantly during the trading session on Monday, reaching towards the 1.11 USD level.
The Euro has gone back and forth during the trading session on Friday, in a sign that the 1.10 level continues to be crucial.
For the second day in a row, EUR/USD is trying to correct higher even after Eurozone inflation data for November surprisingly achieved higher than expected gains, and the reaction was limited as the data did not change the pessimistic ECB interest rate expectations.
The Euro has initially tried to rally during the trading session on Thursday, but keep in mind that it was Thanksgiving Day,
The Euro fell during the trading session on Wednesday, testing the 1.10 level.
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The Euro bounced slightly during the trading session on Tuesday, showing the 1.10 level to be supportive.
Economic data out of the Eurozone has been mixed with a bearish bias, mirrored by the US.
The Euro initially tried to rally during the trading session on Monday but found enough resistance yet again to turn around and form a bit of a negative looking candle
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The Euro initially tried to rally during the trading session on Thursday but gave back quite a bit the gains as we get close to the 1.11 level.
EUR/USD is carefully quiet for two sessions in a row, the pair is moving between the 1.1053 support and the 1.1083 resistance above.