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.
After the EUR/USD pair had fallen to the 1.2132 support level, its lowest level in a month, the pair corrected to the 1.2210 level at the beginning of Wednesday's trading.
For the fourth day in a row, the price of the EUR/USD pair is in a downward correction range, having moved to the 1.2132 support level before settling around the 1.2160 level.
The Euro had initially tried to rally during the trading session on Thursday but has given back the gains as the 1.23 level offers resistance yet again.
The EUR/USD pair has been in a strong bullish momentum since the start of the year, which pushed the currency pair towards the 1.2350 resistance, its highest level since April of 2018.
Euro traders went back and forth during the session on Wednesday trying to figure out what will happen to the US economy and monetary policy now that Democrats control all three branches of government.
The euro jumped more than half a percent against the US dollar, hinting at a positive mood among investors just hours before the Georgia Senate runoff elections.
