Since the start of trading this week, the price of the EUR/USD currency pair has stabilized around the psychological support level of 1.0800
Technical Analysis
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 EUR/USD commenced the week with a measured performance in early Monday trading, registering a slight uptick in sentiment.
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After an important and exciting event, the US dollar remained stronger against the rest of the other major currencies, when Jerome Powell returned to confirm that the continued strength of the American economy may require further increases in interest rates.
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The EUR/USD remained steady, showing a touch of negativity in early Friday trading.
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The EUR/USD exhibited a relatively calm demeanor, showing slight negativity in the early stages of trading on Thursday.
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During Wednesday's trading session, the EUR/USD made an initial attempt to rally, albeit with limited success, as it encountered hurdles from PMI figures falling below expectations within the European Union.
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With the start of the Jackson Hole seminar, organized by the US Central Bank, the price of EUR/USD, tries to halt its recent losses.
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At the beginning of trading this week the EUR/USD exchange rate found support above its lows in July.
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The USD/BRL produced a gap lower upon opening after the weekend; the lows created early yesterday were sustained too, creating technical interest for today.
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In Tuesday's trading session, the Euro showed some resilience, managing to climb past the 1.09 mark, only to stumble a bit later on.
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At the beginning of this week's trading, the price of the EUR/USD currency pair tried to rebound to the upside and stop its recent losses.
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The EUR/USD exhibited a modest rally during Monday's trading session, signaling a resurgence as it surged above the 1.09 level.
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During last week's trading, the bears increased the pressure on the performance of the EUR/USD currency pair, with losses affecting the support level 1.0845,
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The EUR/USD exchange rate retreat continued, pushing it to the lowest level since July 2nd.
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The current market landscape has traders focusing intently on the 1.09 level, a pivotal juncture that's steering ongoing market dynamics.
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