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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As I look at the Euro, the first thing I see is that we tried to rally a bit during the early hours on Tuesday, only to give up those gains and show signs of hesitation.
The Dollar and is Euro is trending downward against the US likely to incur further losses over the next five days.
The euro initially did try to rally a bit during the trading session on Monday, but then gave back quite a bit of the gains to continue to see a lot of sideways action.
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The Euro attempted to rebound on Friday, but its gains did not exceed the 1.0869 level, recovering from the significant losses it suffered last week, reaching a support level of 1.0810, the lowest for the currency pair in more than two months.
Today is an important day for the euro against other major currencies, especially against the US dollar, which has plummeted to a support level of 1.0850, the
The EUR/USD pair is likely to continue to decline as traders target the next major support at 1.0800, which connects the lowest levels since October 2023. Decisively, this is an important level as it connects the lowest volatility since August.
At the beginning of this week, the euro continued to decline, reaching a support level of $1.0887, its lowest level in two months.
At the end of last week, the Euro traded around $1.09, its weakest level in about two months, driven by the overall strength of the US dollar amid expectations that the US Federal Reserve will cut borrowing costs at a slower pace than expected.
During my daily analysis of the EUR/USD pair, I noticed that we are at a couple of major areas that could come into the picture and offer a bit of volatility.
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Amidst a divided Federal Reserve on the size of US interest rate cuts in September, the EUR/USD exchange rate moved towards the support level of 1.0936, its lowest in seven weeks.
The euro initially tried to rally a bit during the trading session on Wednesday and as a result sellers came in and pushed this market lower.
Amidst selling pressure, the EUR/USD exchange rate is expected to witness further losses in the coming days and weeks, as some analysts see that a return to the 1.0780 support level is not impossible.
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The EUR/USD exchange rate faces the risk of further losses in the coming days; however, the downward momentum is likely to fade.
The Euro has found a little bit of support near the 1.0950 level, an area that has been important multiple times in the past.