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.
As expected, the US Federal Reserve cut US interest rates by a quarter point, despite that the US dollar recorded strong gains against other major currencies, as the vote on the cut was not unanimous among the bank's monetary policy members.
The Euro broke down below the 1.11 level during the trading session on Wednesday, after the Federal Reserve had cut interest rates by 25 basis points but did not sound like they were ready to continue cutting in a long sequence of moves.
The Euro has been very soft during most of the month of July, and as we head into the month of August, we are sitting at the 1.11 region.
The EUR/USD pair did not do a lot for several consecutive sessions and is settling around the 1.1160 level at the time of writing.
Looking at the EUR/USD pair, it’s very likely that we will see a lot of action during the trading session on Wednesday, as the statement and rate decision will move these markets quite drastically as it will move the US dollar in general.
For five straight trading sessions, the EUR / USD pair is trading within a limited range between 1.1101 support, the lowest in 2 years, and 2.1187 resistance, and is stable around 1.1140 at the time of writing.
The Euro did very little during the trading session on Monday, as we continue to simply dance around just above the 1.11 handle.
At the beginning of this week's trading, the EUR / USD pair is settling around the 1.1100 support level, the lowest for two years.
The Euro continues to go back and forth, and it looks as if we are likely to see more of the same going forward.
The Euro went all over the place during the day on Thursday as we have the ECB monetary policy statement and of course the press conference afterwards to think about.
The EUR / USD is settling down around 2-month low, reaching to 1.1130 support at the time of writing.
The Euro fell again during the trading session on Wednesday, as we await the European Central Bank interest rate announcement and press conference during the day on Thursday.
The Euro broke down significantly during the trading session on Tuesday, slicing through the 1.12 level which of course is an area that has attracted a lot of attention.
In the 20-point range, the movements of the EUR / USD pair during yesterday's trading, and we expected calm movements in narrow ranges in the absence of any important data affecting the performance of the pair.
Euro traders had very little to do during the day on Monday, and I wasn’t bothered trading.
