The stronger US dollar policy is bringing more losses to the EUR/USD currency pair, which has reached the support level of 1.0595, the lowest for the currency pair in the forex market during 2024.
Technical Analysis
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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Trump's trade policies continue to support further gains for the US dollar against other major currencies.
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At the end of last week, the Euro attempted to recover from its strong losses against the US Dollar amid the strength of the latter following Trump's re-election as US President.
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The Euro initially pulled back just a bit during the trading session on Friday. As we continue to see plenty of support underneath at the 1.07 level, I think we see so much in the way of support that it is going to be difficult to break down below here.
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The Republican clean sweep of the US Presidency and Senate boosts the US Dollar strongly, sending this currency pair plummeting to a new multi-month low, although the price may be finding a bottom near $1.0700.
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As you can see, the Euro has rallied a bit during the trading session with the 1.07 level offering a significant amount of support.
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The EUR/USD exchange rate remained in focus following reports that former US President Donald Trump is set to return to the White House.
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With Trump securing the U.S. presidential win and Pennsylvania confirming his victory, forex market volatility remains heightened.
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The EUR/USD exchange rate has settled just below 1.09 ahead of the all-important US presidential vote, but a Donald Trump victory would spark major selling pressure on the currency pair once again.
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The Euro to the US Dollar (EUR/USD) exchange rate recorded its first weekly gain in five weeks after disappointing US jobs figures reinforced bets on a rate cut by the Federal Reserve.
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Oct 31, 2024, Analysis of euro price against the dollar EUR/USD
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Since the start of this week, the EUR/USD exchange rate has been trading in a neutral range with a slight bearish tendency, stabilizing around and below the support level at 1.0800.
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During my daily analysis of the EUR/USD pair, I can see that the 1.08 level continues to be important.
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The previous weekend saw some recovery in the euro, suggesting that the dollar's appreciation trend may be nearing exhaustion.
Technical Analysis
During my daily analysis of the EUR/USD pair, the first thing I see is that we are hanging around the 1.08 level, an area that of course has been important multiple times.
Technical Analysis