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 Euro rallied significantly during the trading session on Thursday, especially as the ECB press conference started.
A state of cautious anticipation for the reaction from the most important event of this week, which is the European Central Bank’s announcement of its monetary policy at a time when the Eurozone needs historic measures to revive the economy from the COVID-19 effects.
The Euro has bounced quite nicely during the trading session on Wednesday, but we have the ECB meeting on Thursday that will certainly put a lot of volatility into this market.
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For six trading sessions in a row, the EUR/USD was moving in a descending correction range, pushing it to the 1.1756 support at the time of writing, completing the downward path that started at the end of last week's trading in light of the USD recovery.
The Euro initially tried to rally during the trading session on Tuesday, but as you can see, it fell a bit to break down through a trendline.
For four trading sessions in a row, the EUR/USD pair has been moving in a downward correction range, which pushed it towards the 1.1780 support.
The Euro has pulled back a bit during the trading session on Monday, but you should keep in mind that it was Labor Day in the United States so therefore there was a serious lack of liquidity during at least half of the session.
The EUR/USD pair did not enjoy last week’s gains, which reached its highest level in two years when it tested the 1.2010 resistance.
The Euro fell again during the trading session on Friday, but just as we had seen on Thursday, sellers got beat back near the 1.18 level.
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The Euro fell hard for the last couple of days, but the Thursday session was interesting as we turned around and recovered enough to form a massive hammer.
For the third day in a row, the EUR/USD has been exposed to a downward correction that pushed it towards the 1.1796 support at the time of writing, with the pair abandoning its highest level in two years when it reached the 1.2010 resistance during Tuesday's trading.
The Euro has broken down significantly during the trading session on Wednesday, as we have reached below the 1.1850 level.
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As recently expected, the bulls might target the 1.2000 psychological resistance for the EUR/USD pair
The Euro initially shot higher during the trading session on Tuesday, reaching towards the 1.20 level.