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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By the end of last week's trading, the EUR/USD pair plunged to the support level of 1.2016, and its upward correction gains pushed the pair to the resistance level of 1.2150, a 2-month high.
The euro broke down significantly during the trading session on Monday to reach towards the previous downtrend line that we have broken.
The Euro initially tried to rally during the trading session on Thursday but gave back the gains to form a bit of a shooting star
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April was a very strong month for the euro, and I do believe that we will continue to see a bit of continuation going forward.
The upward correction path for the EUR/USD is getting stronger.
The euro shot above the uptrend line during the trading session on Wednesday as we awaited the Federal Reserve FOMC statement and press conference.
The Forex market is awaiting the Federal Reserve's announcement of its monetary policy decisions and Chairman Powell’s statements, followed by the growth rate of the US economy.
The euro has initially fallen during the trading session on Tuesday but found buyers later in the day to suggest that perhaps we are going to try to take out this minor downtrend line that sits just above.
Despite the reopening of some European economies, the gains of the EUR/USD stopped at the 1.2117 resistance level before stabilizing around 1.2075 as of this writing.
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The euro has gone back and forth during the trading session on Monday, showing signs of hesitation right around the 1.21 level.
By the end of last week's trading, the EUR/USD pair jumped to the 1.2100 resistance level, a near two-month high, and closed near that resistance.
The euro rallied significantly at the end of the trading day in the United States, as we continue to see the US dollar get hammered by US traders.
The Euro initially tried to rally during the trading session, perhaps anticipating the ECB meeting.
The bulls are trying to maintain the stability of the EUR/USD pair above the 1.2000 psychological resistance to confirm the bullish rebound.
The euro fell a bit during the trading session on Wednesday to reach down towards the one point to zero level, where it turned around promptly and formed a hammer.