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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Ahead of the release of the minutes of the latest Federal Reserve meeting and then important US employment figures, the euro/dollar (EUR/USD) exchange rate is under pressure from profit-taking selling.
The euro dipped below 1.10 in a bearish move.
Relative stability is seen in the early trading of 2024, and the EUR/USD pair is likely to receive signals from the primary catalysts in the United States during this week.
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Looking at the Euro's performance against the US dollar, we have seen a slight retracement during the trading session on Friday.
Observing the Euro's performance against the US dollar on Thursday, we can see that it initially attempted to rally but now appears to be encountering some exhaustion, with the gravitational pull of market forces coming into play.
During the recent trading session, the euro exhibited a notable resilience.
Despite weak liquidity and the absence of major economic releases for a very short trading week due to the holidays.
With a partial return of price movements, the euro/dollar exchange rate “EUR/USD” continued its upward rebound with gains that reached the 1.1045 resistance level, the highest for the pair in four months.
The EUR/USD displayed a notable rally during the early hours of Tuesday, reflecting the prevailing upward momentum in the market.
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The euro has a chance to end 2023 above the $1.10 level, which seemed completely off the table just a few weeks ago when the dollar was regaining strength and bets on European Central Bank rate cuts were rising sharply.
The EUR/USD had a slight setback during Friday's trading session but quickly rebounded, indicating renewed strength in the currency.
The price of the EUR/USD closed last week's trading higher, breaking through the psychological resistance level of 1.1000, which supports the bulls' control.
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Bulls are still looking for more motivation to move the EURO/DOLLAR exchange rate above the psychological resistance of 1.1000 to change direction to the upside.
Currently, Bulls are trying to push the euro dollar pair EUR/USD towards the psychological resistance level of 1.10 again, which has often confirmed that it is a good opportunity for bulls to control the direction.