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.
The EUR/USD pair has recently fallen in response to the European Central Bank suggesting further stimulus could be coming. This being the case, at the time of writing we are testing the bottom of a potential ascending triangle.
The EUR/USD pair has been a very tight market to deal with recently. After all, the market has been bouncing around below the 1.13 level down to the 1.10 level for the last couple of weeks, with a few sessions here and there that were outside of the range.
The EUR/USD pair initially broke higher during the course of the last week of July, but as we have seen time and time again, the pair seems to be stuck between the 1.08 level on the bottom, and the 1.12 level on the top.
The EUR/USD pair spent most of the month going higher during June, but as you can see on the chart the last week fell back as the Euro cools off a little bit. The European Union continues to be an area that has a lot of issues, especially when it comes to Greece.
The EUR/USD pair has spent the last couple of weeks grinding its way higher. However, I still see this market as being consolidative, as the market has bounced around between the 1.05 and the 1.10 levels.
The EUR/USD pair broke higher towards the end of January, but still remained below the 1.15 level. Quite frankly, the market has sold off and is a bit oversold but at the end of the day there are too many factors working against the Euro to think that this pair will rally for any significant length of time.