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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For the third day in a row, EUR / USD failed to break above the 1.1000 resistance level, confirming the strength of the downtrend, and is stable around 1.0965 in early Tuesday trading.
The Euro initially was all over the place during the trading session on Monday but was essentially chopping around and floundering more than anything else.
Over the course of last week's trading, the EUR/USD fell to the 1.0880 support, its lowest level in 28 months, as pessimism about the outlook for the Eurozone economy continues, despite the ECB's stimulus plans, including interest rate cuts and asset purchase plans.
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The Euro has rallied a bit during the trading session on Friday, as the jobs number came out a little bit softer than anticipated in the top line, but had several strong revisions attached to it.
The Euro tried to rally during most of the session on Thursday but gave up the gains towards the end of the session.
Continuous bearish momentum pushed EUR / USD to test the 1.0880 support, its lowest level in 28 months,
The Euro initially fell during trading on Wednesday but then turned around to show signs of resiliency as we continue to see a bit of a bottom forming.
Weak inflation in the Eurozone has raised expectations that the ECB will have more stimulus plans alongside its recent announcement.
The Euro initially fell during the trading session, breaking down below the 1.09 level on Tuesday again.
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At the beginning of this week, the EUR/USD is trying not to break below the 1.0900 psychological support to avoid further downside pressure.
The Euro initially tried to rally during the trading session on Thursday but then rolled over again to reach towards the bottom again.
EUR / USD continued to decline strongly reaching the 1.0937 level in light of the US dollar strength and increasing pressure on the single European currency
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The Euro has gone back and forth during the trading session on Tuesday, as we continue to dance around the 1.10 EUR level.
Eurozone PMI data suggests that the region's economy is on the verge of deflation, which is likely to see further calls for stronger monetary policy moves from the ECB and consequently the Euro weaker for longer period.