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 Euro has found a little bit of support near the 1.0950 level, an area that has been important multiple times in the past.
At the end of last week, the US dollar strengthened against other major currencies as the likelihood of a 50-basis point interest rate cut in November diminished.
The Euro plunged during the trading session on Friday after the jobs number in America came out much hotter than anticipated.
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The Euro initially did drop a bit during the early hours on Thursday, but really at this point in time, the 1.10 level underneath continues to be the main area of interest.
The euro fell again during the trading session on Wednesday as we are testing the 50-day EMA.
The EUR/USD currency pair has been declining since the beginning of the week due to risk-off flows, weak September inflation figures in the region, and mixed
The EUR/USD exchange rate is poised to decline for the third consecutive day, driven by a decline in September's Eurozone inflation figures and diverging communications between global central banks.
EUR/USD: The Euro stands out as it has plunged quite drastically.
At the beginning of this important week's trading, the euro traded near 1.118 US dollars as investors prepare for a busy week of economic data from the eurozone.
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The Euro initially rallied during the trading session on Monday, but it looks like it's going to continue to see a lot of issues around the 1.12 level, an area that's been important for some time.
Around last week’s closing levels, the Euro against the US Dollar EUR/USD is stable at the beginning of trading in an important week led by the announcement of US jobs figures and statements by the US Federal Reserve Governor Jerome Powell.
Amid a sudden upward momentum, the EUR/USD pair gained, surpassing the psychological resistance level of 1.1200 and reaching 1.1214 before facing profit-taking, which was frequently mentioned as a possibility in case the 1.1200 resistance was broken.
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Sign up to get the latest market updates and free signals directly to your inbox.Despite the weakness of the US dollar since the US interest rate cut last week, the EUR/USD failed to break the important resistance level of 1.1200 and is stable around 1.1130 at the time of writing the analysis.
At the start of this week, the Euro fell to $1.11, below its recent peak in July 2023 earlier this month, amid concerns that the European Central Bank may need to accelerate its easing efforts to support the struggling economy.
Recent trades of the EUR/USD pair have been predominantly bullish, with bulls successfully driving the pair towards the resistance level of 1.1190, closing the previous week near these gains.