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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Over the course of last week's trading, the EUR/USD fell to the 1.0880 support, its lowest level in 28 months, as pessimism about the outlook for the Eurozone economy continues, despite the ECB's stimulus plans, including interest rate cuts and asset purchase plans.
The Euro has rallied a bit during the trading session on Friday, as the jobs number came out a little bit softer than anticipated in the top line, but had several strong revisions attached to it.
The Euro tried to rally during most of the session on Thursday but gave up the gains towards the end of the session.
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Continuous bearish momentum pushed EUR / USD to test the 1.0880 support, its lowest level in 28 months,
The Euro initially fell during trading on Wednesday but then turned around to show signs of resiliency as we continue to see a bit of a bottom forming.
Weak inflation in the Eurozone has raised expectations that the ECB will have more stimulus plans alongside its recent announcement.
The Euro initially fell during the trading session, breaking down below the 1.09 level on Tuesday again.
At the beginning of this week, the EUR/USD is trying not to break below the 1.0900 psychological support to avoid further downside pressure.
The Euro initially tried to rally during the trading session on Thursday but then rolled over again to reach towards the bottom again.
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EUR / USD continued to decline strongly reaching the 1.0937 level in light of the US dollar strength and increasing pressure on the single European currency
The Euro broke down significantly during the trading session on Wednesday, reaching towards the 1.09 level.
The Euro has gone back and forth during the trading session on Tuesday, as we continue to dance around the 1.10 EUR level.
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The Euro has fallen a bit during the trading session on Monday, slicing through the 1.10 EUR level in the process.
At the beginning of a new week, the EUR / USD is attempting to maintain a stable move above the 1.1000 psychological level to avoid further downside pressure.