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 tried slightly at the open to rally on Monday, but as you can see, we have fallen rather hard since then to crash into the previous support level.
On different days in January 2021, the price of the euro currency pair against the dollar, (EUR/USD) jumped to the vicinity of the resistance 1.2350, its highest since April of the year 2018.
I have said that during this last week of 2021, price movements will not be stable and may lack the strong movement required for trading.
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The euro went back and forth on Wednesday as we continue to see volatility.
The EUR/USD has maintained its recovery from November lows below the 1.12 support but has repeatedly turned away from technical resistance near the 1.1356 level.
For five trading sessions in a row, the rebound gains for the EUR/USD stopped at the resistance level 1.1433, waiting for stronger catalysts to continue the rebound or return to the bearish trend.
The EUR/USD is back above the 1.13 level again in light of the rising global market wave before the holidays after studies indicated that Omicron is mild.
Despite the announcement of better-than-expected GDP growth for the US, the US dollar declined amid profit-taking before the holidays.
The euro rallied a bit on Wednesday to reach the top of the overall consolidation area that I have marked on the chart.
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There is nothing new about the weak euro, as the European pandemic restrictions may weaken the economic activity of the bloc, and thus appetite for the euro.
The euro shot higher on Tuesday but gave back the gains to form a shooting star-like candlestick.
The EUR/USD started the week after giving up an important level of support, leaving it at risk of a crash on the charts when low liquidity could lead to big moves heading into the holidays.
The euro rallied a bit on Monday, bouncing from the 1.1250 level yet again.
The euro could not keep the gains from the European Central Bank’s announcement that it would begin to tighten monetary policy in the footsteps of other global central banks.
The euro fell again on Friday and even closed at the very low of the range.