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.
For the third day in a row, the EUR/USD, is in an upward correctional range that has pushed the pair towards the 1.1850 resistance at the time of writing, which is the highest level in a month.
The Euro has rallied significantly during the trading session on Tuesday, reaching towards the 1.1850 level, which is also the previous uptrend line being tested again.
After a harsh week in which the EUR/USD was exposed to downward momentum, pushing it towards the 1.1688 support, and with the start of this week’s trading, the pair tried to rebound higher with gains to 1.1793 before settling around the 1.1775 level at the time of writing.
Throughout last week's trading, the EUR/USD was subjected to downward pressures, which it pushed towards the 1.1688 support and closed the week’s trading around the 1.1716 level.
The Euro initially tried to rally a bit during the trading session on Thursday but turned around to show signs of exhaustion as we broke through the 1.17 level.
The EUR/USD currency pair is still facing downward pressure that pushed it towards the 1.1719 support before settling around 1.1750 at the time of writing.
As expected, more European restrictions to contain the new Coronavirus outbreak will increase pressure on the single European currency, as the European economy is still in the recovery phase from the consequences of the first wave.
The EUR/USD appeared to be reestablishing a solid mid-term bullish trend higher as it incrementally rose and made resistance look vulnerable going into last weekend.
Hans Kluge, the Regional Director of the World Health Organisation (WHO) for Europe, warned against Covid-19 fatigue by the population, which according to the latest data, reached over 60%.
To give you the best possible experience, this site uses cookies. If you continue browsing, you accept our use of cookies. You can review our privacy policy to find out more about the cookies we use.