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 euro initially tried to rally on Tuesday, but above the 1.14 level we have seen a lot of selling pressure, and then turned around quite drastically.
The price of the EUR/USD currency pair quickly rose to a two-month high last week, leaving the impression of a bullish reversal in its wake on the charts.
The EUR/USD exchange rate fell lower in the last session of last week's trading, but its three-day rally earlier painted a more positive picture on the EUR charts.
The euro initially tried to rally on Friday but ran into resistance at the same spot that we did during the Thursday session that ended up forming a shooting star.
The EUR/USD exchange rate moved towards the top of its December-January range at 1.1370 following another broader dollar turnaround after the Federal Reserve Chairman said there was no rush to reverse the quantitative easing program.
The minutes of the last meeting of the US Federal Reserve reiterated that the timing of raising US interest rates has become closer than previously thought.
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