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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As with last week, the EUR/USD settled around the 1.1266 support level.
The euro pulled back a bit against the US dollar on Monday, showing signs of hesitation at the previous falling channel, as the market has tried to break above that previous support level that should now be resistance.
The assessment of the new Omicron variant continues to strongly affect investor sentiment and global financial markets so far.
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The euro initially fell on Friday, but the jobs number came out much lower than anticipated, sending the US dollar falling.
Since the start of this week, the EUR/USD has been trying to recover from its recent collapse, but the rebound attempts did not pass the 1.1383 level.
The euro went back and forth on Wednesday as we continue to respect the previous trend line that was part of the descending channel.
Fears of the new COVID variant continue to negatively affect investor sentiment, as countries, especially European, re-imposed lockdowns and hurt the euro against the other major currencies.
The euro went back and forth significantly on Tuesday as we continue to try and figure out where we are going next.
For two trading sessions in a row, the EUR/USD tried to stop its losses which extended to the 1.1186 support level, the lowest in 16 months, but the rebound gains did not exceed the 1.1330 level, instead settling around the 1.1270 level today.
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The euro gapped a bit lower on Friday, as we saw a little bit of a short squeeze during low volume on Friday.
The pair avoided the bearish weekly closing, but it did not change the general trend, which is still bearish.
The euro rallied significantly on Friday, breaking above the 1.13 level.
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The Euro has initially tried to rally on Thursday but gave back the gains, despite the fact that the Americans were away at Thanksgiving.
The positive results of US economic data balanced out expectations of raising interest rates.
The euro broke down significantly on Wednesday to slice the 1.12 level, showing that we are going to continue to go much lower.