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 has bounced significantly during the day on Thursday, as the US dollar got sold off overall.
The Federal Reserve's indications yesterday that reducing bond purchases are imminent increased the gains of the US dollar against the other major currencies.
The euro fluctuated on Wednesday ahead of the FOMC statement.
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As previously forecasted, the EUR/USD has been in a narrow range ahead of the Federal Reserve FOMC meeting minutes release today.
The euro initially rallied on Tuesday but has turned quite bearish by the end of the day to form a bit of a shooting star.
The Euro has fallen significantly during the course of the trading session on Monday, only to turn around and form a bit of a hammer.
The euro rallied initially on Friday but continues to find massive amounts of selling pressure above.
The Euro has broken through major support during the course of the trading session on Thursday as we have broken through the 1.18 level again.
The Euro initially tried to rally during the trading session again on Wednesday but gave back gains to form a bit of a shooting star.
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This is a market that is all over the place and has no idea what it wants to do next.
This week opened like last week closed, as the EUR/USD continued to correct lower towards the 1.1770 support level, the lowest in more than two weeks.
The euro initially sold on Monday, breaking well below the 1.18 level.
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For three trading sessions in a row, the bears have been trying to push the EUR/USD to break the 1.1800 level, which paves the way for a stronger bearish breakout.
The euro initially tried to rally on Friday but gave back the gains to show a less-than-desirable finish for the week.
The Euro has gone back and forth during the trading session on Thursday after the ECB meeting.