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 price of the EUR/USD currency pair is still moving in a narrow range, stable around 1.0975 at the time of writing.
Should the Euro experience a resurgence from its current position, it's imperative to acknowledge the psychological resistance that might emerge around the 1.10 mark.
The EUR/USD exchange rate is trading within the high end of its year-to-date range, but the technical background on the charts suggests an uncertain outlook.
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In Tuesday's trading session, the EUR/USD exhibited a significant decline, breaching the 50-Day Exponential Moving Average.
I expected that the price of the EUR/USD would move in narrow ranges at the beginning of trading this week, which is what happened, as it moved between the support level at 1.0965 and the resistance level at 1.1016.
The EUR/USD experienced a slight pullback during Monday's trading session, showcasing a market characterized by fluctuating behavior.
At the end of last week's trading, the price of the EUR/USD tried to compensate for some of its sharp losses, which pushed it toward the support level of 1.0912.
In recent trading sessions, the EUR/USD has demonstrated resilience despite slightly weaker-than-expected jobs data in the United States.
During Thursday's trading session, the EUR/USD experienced a slight dip, settling just above the critical 50-Day Exponential Moving Average.
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The stability of the price of the EUR/USD currency pair remains below the 1.1000 level, which supports more bears' control over the trend.
In Wednesday's trading session, the euro experienced a slight decline, settling just above the critical 50-Day Exponential Moving Average.
Since the start of this week's trading, the price of the EUR/USD currency pair continued its losses, which extended to the support level of 1.0952, before settling around 1.1000 at the time of writing.
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During Tuesday's trading session, the euro experienced a slight decline, hovering just above the 50-Day Exponential Moving Average.
As I mentioned yesterday, the EUR/USD currency pair may remain under downward pressure until the markets react to the announcement of inflation numbers in the eurozone and US job numbers.
During Monday's trading session, the euro exhibited a modest rally, making efforts to recover from the 50-Day Exponential Moving Average.