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 EUR/USD was subjected to sell-offs during last week's trading, as it moved towards the 1.2104 support level before closing the week's trading stable around the 1.2166 level.
The euro pulled back initially during the trading session on Friday as the world awaited the non-farm payroll announcement, and traders started to worry about the idea of the Federal Reserve stepping away from quantitative easing.
The Euro fell apart during the trading session on Thursday as the Initial Jobless Claims came in under at 400,000 in America
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The US dollar is still trying to achieve the largest amount of gains ahead of the announcement of influential US economic data, led by the announcement of US jobs numbers.
The euro initially had broken down during the trading session on Wednesday to reach down towards the 1.2150 level, only to turn around and form a hammer at the end of the day.
The euro initially tried to rally during the trading session on Tuesday but has failed again at the 1.2250 level.
After the profit-reaping sales that hit the price of EUR / USD, at the end of last week, it reached the support level at 1.2132 amid positive results from US economic releases.
The euro rallied a bit during the trading session on Monday, but it should be noted that the Americans were not there due to the fact that it was Memorial Day.
This week is an important one for the Forex industry, beginning with the Memorial Day holiday weekend and ending with the US jobs report on Friday.
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The euro initially fell during the Friday session but turned around to show signs of strength again, as we have reclaimed the 1.22 handle.
The market looks likely to get a little bit of a short-term pullback.
The Euro has initially broken down below the 1.22 handle during the trading session on Thursday but turned around to show signs of life again.
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Strong successive gains pushed the EUR / USD currency pair towards the 1.2266 resistance level, the highest for the currency pair in more than four months.
The euro broke down a bit during the trading session on Wednesday as we continue to see a lot of selling pressure just above.
Since the beginning of this week's trading the price of the euro currency pair against the dollar has maintained its gains near its highest since the beginning of this year’s trading in 2021.