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 currency pair began trading in 2021 with a positive attitude, but is still cautious as the pandemic rages on.
The euro pulled back from major resistance during the trading on Thursday, which would have been a bit thin due to New Year’s Eve.
With risk appetite increasing due to announcements regarding coronavirus vaccines, the EUR/USD pair is correcting towards its highest gains and has so far reached the 1.2310 resistance, its highest since April of 2018.
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The euro rallied into the 1.23 level, an area of significant resistance that extends to the 1.25 handle.
Investors have recently abandoned the US dollar as a safe haven, which coincides with the strong rise in the coronavirus cases and the beginning of global vaccinations, as well as Trump's reactions to the economic stimulus plans.
The euro continues to look very bullish, as we saw buying pressure during the trading session on Tuesday.
Market optimism helped the EUR/USD stick to its recent gains, which extended to the 1.2250 resistance at the beginning of this week's trading, before stabilizing around the 1.2238 level.
The euro rallied during the trading session on Monday but gave back the gains rather quickly.
For four trading sessions in a row, the EUR/USD currency pair was exposed to limited selling operations that pushed it towards the 1.2130 support before settling around the 1.2185 level at the beginning of the year's last week of trading.
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The euro rallied a bit during the trading session on Thursday, to reach towards the 1.22 handle.
The euro has had a relatively good end of the year for 2020, so it is likely that we will see a bit of exhaustion in this general vicinity.
With the holiday season approaching, investor risk appetite is growing, and thus the dollar's price is declining.
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The euro rallied significantly during the trading session on Wednesday, reaching towards the 1.22 level before pulling back a bit.
For three trading sessions in a row, the EUR/USD pair has been moving in a downward correction range.
The euro initially tried to rally during the trading session on Tuesday as the Brexit negotiations continue to fail when it comes to a resolution.