The Euro has rallied quite nicely during the trading session on Tuesday again, but is starting to approach a major resistance barrier in the form of the 1.09 level.
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 initially gapped lower to kick off the trading session on Monday, but then turned around to fill that gap.
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The Euro has exploded to the upside during the trading session on Friday, as there has been a significant amount of short covering going into the weekend.
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The Euro has gone back and forth during the trading session on Thursday, bouncing around the 1.08 level.
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Eurozone economic data has been led to a series of disappointments by Germany, which has enforced the European Central Bank’s monetary policy designed to weaken the Euro.
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The Euro has broken down significantly during the trading session on Tuesday, slicing through the 1.08 level during the day.
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The Euro initially tried to rally during the trading session on Monday, but then rolled over to show signs of exhaustion again.
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The Euro has bounced a bit during the trading session on Friday but gave back the gains late in the day to form an ugly looking candlestick.
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The Euro initially tried to rally during the Thursday session, but then rolled over just below the 1.09 level.
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The Euro looks as if it is ready to finally reach towards the gap underneath, which is at the 1.0750 region.
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The Euro has initially broken down below the 1.09 level during the trading session on Tuesday but turned around to show signs of life
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Forex traders are awaiting new measures from the European Central Bank leadership to accelerate the recovery of the weak Eurozone economy
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The Euro has had a rough couple of days as we had broken below the 1.0950 level.
Technical Analysis
The Euro market has initially tried to rally during the trading session on Thursday, but found the area above the 1.10 level to be a bit too much to hang onto,
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While Eurozone PMI data surprised with upward revisions, disappointing German factory orders and trade data prevented a rally in the Euro.
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