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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For the second day in a row, the EUR/USD is trying to benefit from market optimism stemming from the passage of the US stimulus bill and global vaccinations.
The Euro initially pulled back during the trading session on Wednesday, but then turned around to show signs of life again as we have formed a hammer.
A temporary stall in the gains of the US dollar contributed to a limited upward correction for the EUR/USD since yesterday's trading.
The euro bounced a bit during the trading session on Tuesday as it reached towards the 200-day EMA.
For the second week in a row, the EUR/USD is continuing its bearish correction.
The euro has broken significantly below the 1.19 handle, an area that I thought needed to be protected in order to keep the uptrend intact.
The Euro has fallen somewhat hard during the trading session on Friday to reach down towards the 1.19 level.
The EUR/USD pair collapsed to the 1.1893 support level last week, its lowest in nearly four months, before closing the week's trading around 1.1912.
The Euro has broken down during the trading session on Thursday as Jerome Powell failed to deliver during the speech to calm the bond market.
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During yesterday's session, and for the fourth day in a row, the EUR/USD pair attempted to breach the psychological support level of 1.2000.
The euro fluctuated during the trading session on Wednesday as we see the 50-day EMA now acting as a bit of a magnet.
Amid recent selling, the EUR/USD moved to the 1.1990 support level, then made an upward correction after buyers returned and settled around 1.2094 as of this writing.
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The EUR/USD pair's performance this week continues to be bearish, with losses hitting the 1.2027 support level before stabilizing around 1.2050 as of this writing.
The euro initially tried to rally to retake the 50-day EMA on Monday but gave back the gains to turn around and press towards the 1.20 level.