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 was clearly outperforming at the start of the new month as it responded to another higher jump in German bond yields as investors reacted to the surprisingly strong inflation readings.
The Euro has experienced a significant rally during trading on Wednesday, reaching above the 50-Day EMA (Exponential Moving Average).
For two days in a row, the price of the EUR/USD currency pair tried to rebound to the upside after strong selling operations that pushed it towards the support level 1.0536.
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The EUR/USD experienced some early losses during Tuesday's trading session but found sufficient support at the 1.06 level to reverse course and demonstrate some resilience.
The EUR/USD exchange rate entered the new week's trading in search of a foothold near its lows in 2023.
The EUR/USD currency pair fell to touch the 200-Day EMA, but it bounced back to show signs of life and now threatens the 1.06 level.
Expectations about the future of the American interest rate increase followed a series of consecutive positive figures for the sectors of the American economy.
In Friday's trading session, the EUR/USD attempted to rally but quickly lost momentum, leading to a lot of negativities in the market.
The EUR/USD has been trading around the 1.06 level, showing no clear direction in recent sessions.
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Increasing expectations about the future of more strength and times of raising US interest rates brought the US dollar more strength against all other major currencies.
During Wednesday's trading session, the Euro traded in a range, hovering just above the 1.06 level.
During Tuesday's trading session, the Euro saw a slight decline, as the common currency continued to show some weakness.
The EUR/USD exchange rate erased all of its New Year's gains over the course of February trading but drew support on Friday from the hawkish resolve of the European Central Bank (ECB).
On Monday's trading session, the Euro did very little, and there is a lot of hesitation around the 50-Day EMA.
It was a strong bearish trading week for the performance of the EUR/USD currency pair.