At the end of last week’s trading, the euro rose by about 1%, surpassing the resistance level of 1.0926 before closing the week’s trading stable around the level of 1.0910.
Technical Analysis
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 hovered around $1.082, remaining below a four-month high of $1.094 touched on July 17, as traders digested key economic data and assessed the next move from the European Central Bank.
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The euro held steady around the $1.0815 support level, remaining below a four-month high of $1.094 hit on July 17, as fresh key economic data did little to change traders’ bets on a European Central Bank rate cut in September.
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The EUR/USD exchange rate is expected to remain under moderate pressure in the coming days, with focus on Eurozone inflation figures ahead of the Fed decision and US wage figures.
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During last week's trading, the bears tried hard to push the EUR/USD price below the support level of 1.0800 to further confirm the strength of the downtrend.
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In the daily Euro analysis, I can see that we initially dropped a bit only to turn around and show signs of life.
Technical Analysis
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The EUR/USD has continued its decline, reaching a support level of 1.0825, falling short of its four-month high of 1.094 reached on July 17.
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EUR/USD is under selling pressure and is currently trading around 1.0842, ahead of the release of PMI readings for the manufacturing and services sectors of the eurozone and US economies.
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At the start of this week’s trading, the EUR/USD exchange rate remained stable around 1.0885, retreating from last week's four-month high of 1.0940.
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The EUR/USD exchange rate didn’t enjoy its strong gains for long last week, which saw it reach the 1.0948 resistance level, its highest in four months.
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The trading week was broadly positive for the Euro against the US Dollar (EUR/USD).
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The EUR/USD price halted its gains at the 1.0922 resistance level and has returned to move down, settling around the 1.0875 level at the time of writing.
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The EUR/USD reached its highest level in five weeks last Friday, but there is potential for a consolidated pullback in the next five days.
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The euro strengthened against the dollar last week.
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In my daily euro analysis, it's easy to see that the 1.09 level continues to be a massive barrier in this market as we slammed directly into it, only to give up the gains at this point in time.
Technical Analysis