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 rallied a bit during the trading session on Monday, reaching above the 200 day EMA initially.
Yesterday’s PMI data out of the Eurozone showed the recession in the manufacturing as well as services sectors accelerated.
The Euro initially tried to rally during the trading session on Friday but found the same 1.12 level yet again.
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The Euro has been all over the place during the trading session on Thursday, as we had in ECB interest rate decision and perhaps more importantly an ECB press conference.
The EUR/USD price of got a new impetus in an attempt for an upward correction with gains pushing it to the 1.1144 resistance, the highest level in more than a month.
The Euro initially pulled back a bit during the trading session on Wednesday but found enough support underneath to send the market higher.
The Euro rallied significantly during the trading session on Tuesday, reaching towards the 1.11 handle.
The Euro rallied a bit during the trading session on Monday but gave back quite a bit of the gains to form a less than impressive candlestick.
The Euro fell during the trading session on Friday, as we continue to see a lot of downward pressure on the common currency.
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The positive results of last Friday's US jobs report negatively affected the path of EUR/USD upward correction, as it returned to stability around 1.1055 support at the time of writing and the reaction pushed it to 1.1039. Resuming the move towards 1.1000 psychological support will support the return of the downside force again.
The Euro rallied a bit during the trading session on Thursday, but it still did not break above the top of the shooting star from Wednesday.
The Euro initially tried to rally during the day on Wednesday but ran into a buzz saw of resistance in the area just above the 1.11 handle again.
Following the advance in the EUR/USD into its short-term resistance zone, the upside momentum remains exhausted and a short-term corrective phase is anticipated.
The Euro went back and forth during the trading session on Tuesday, as the 1.11 level is massive resistance, and it looks very likely to be an area that we will struggle with.
The Euro rallied rather significantly during the trading session on Monday, reaching towards the 1.11 USD level.