The Euro has gone back and forth during the trading session on Friday but at this point it looks as if it is still struggling with the idea of the 1.19 level above, which has offered significant resistance.
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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The Euro fell rather hard during the trading session on Thursday, reaching down towards the 1.1750 level before turning around and forming a massive hammer.
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Since the beginning of Thursday’s trading, the price of the EUR/USD pair has been suffering from a strong downward momentum that pushed it towards the 1.1736 support
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The Euro continues to look very heavy above, as the 1.19 level has offered a significant amount of resistance.
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Since the beginning of this week’s trading, the EUR/USD has been in an upward correctional range, which pushed it towards the 1.1900 resistance.
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The Euro rallied during the trading session on Tuesday, reaching towards 1.19 level again.
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For five trading sessions in a row, the EUR/USD pair was moving in an upward correctional range
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The Euro has rallied a bit during the trading session on Monday to kick off the week, but it seems to struggle in the same area time and time again.
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Attempts to correct upwards pushed the pair towards the 1.1917 resistance and settle around 1.1850 at the beginning of this week's trading.
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The Euro has rallied significantly during the trading session on Friday, just as we did on Thursday.
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The Euro rallied significantly during the trading session on Thursday, especially as the ECB press conference started.
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A state of cautious anticipation for the reaction from the most important event of this week, which is the European Central Bank’s announcement of its monetary policy at a time when the Eurozone needs historic measures to revive the economy from the COVID-19 effects.
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The Euro has bounced quite nicely during the trading session on Wednesday, but we have the ECB meeting on Thursday that will certainly put a lot of volatility into this market.
Technical Analysis
For six trading sessions in a row, the EUR/USD was moving in a descending correction range, pushing it to the 1.1756 support at the time of writing, completing the downward path that started at the end of last week's trading in light of the USD recovery.
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The Euro initially tried to rally during the trading session on Tuesday, but as you can see, it fell a bit to break down through a trendline.
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