(MENAFN- Daily Forex) EUR/USD Analysis Summary Today

• Overall Trend: Neutral with a bearish bias.
• Today's EUR/USD Support Levels: 1.1530 – 1.1440 – 1.1360.
• Today's EUR/USD Resistance Levels: 1.1620 – 1.1700 – 1.1770.

EUR/USD Trading Signals:

• Buy EUR/USD from the support level of 1.1480 with a target of 1.1700 and a stop loss of 1.1400.
• Sell EUR/USD from the resistance level of 1.1700 with a target of 1.1500 and a stop loss of 1.1780.

EUR/USD Technical Analysis Today:

There is nothing new in the performance of the EUR/USD pair since the reaction to the weaker-than-expected US jobs figures. This data was a valid reason for the Euro/dollar's losses to stop after they reached the 1.1392 support level. However, it is notable that the Euro/dollar's gains following the US data halted at the 1.1596 resistance level before stabilizing around 1.1572, awaiting new developments. At the start of this week's trading, I noted that trading might remain calm this week after the storm of reactions to the US jobs report and the Federal Reserve's announcement had passed.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Technical Levels for the EUR/USD Pair Today:

Our technical view of the EUR/USD pair's performance remains unchanged: the neutral with a bearish bias is currently the strongest. A break below the 1.1500 support will give the Euro/dollar bears enough momentum to push towards stronger support levels. Also, we believe the 1.1390 and 1.1280 support levels are the most important for pushing technical indicators towards strong oversold levels, led by the 14-day RSI (Relative Strength Index), which is now stable around a reading of 47 below the midline, supporting the bearish shift. At the same time, the MACD (Moving Average Convergence Divergence) lines are also heading downwards.

EURUSD Chart by TradingViewTrading Tips:

Traders advise selling the EUR/USD on every upward bounce, but without risk until further notice.

The Bullish Scenario: According to the daily timeframe chart, for the Euro/dollar pair to rise, it needs to return to the vicinity of the resistance levels at 1.1660, 1.1730, and 1.1800, respectively. Euro/dollar trading is not awaiting any major or influential releases today; we only saw the announcement of Eurozone retail sales figures at 12:00 PM Egypt time. For the rest of the day, new statements from Federal Reserve officials are expected We Buy the Euro/Dollar Now?

According to forex market trading, the euro/US dollar (EUR/USD) exchange rate rose to a record high near 1.1600 on Friday, and repeated that on Monday before settling near 1.1550. According to performance on trusted trading platforms, the dollar price was affected by much weaker-than-expected US jobs data, in addition to the dismissal of a key government official and the resignation of the Federal Reserve Governor.

According to currency trading experts, although the sharp rise seems excessive, there is a chance for the Euro to test the 1.1625 level. The main resistance level at 1.1665 is unlikely to be reached. Support levels are located at 1.1540 and 1.1505. According to currency experts at ING bank, "We expect many buyers in the 1.1500/1520 area-if it reaches that low. The 1.1700 level seems like a reasonable target for the next two weeks."

Obviously, the US dollar came under pressure following the weaker-than-expected US jobs data on Friday. Moreover, selling pressure increased late in the US trading session amid two other important developments. President Trump announced that he had ordered the dismissal of the head of the Bureau of Labor Statistics (BLS) amid accusations of data manipulation. This request was carried out immediately, as she left her position. Decisively, this move will increase concerns about the risk of interference in data collection.

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