Analytics EUR Forex Daily Trading

Forex daily trading can be an exciting and rewarding way to make money, but it's important to understand the risks involved. With our comprehensive guide, you'll learn the basics of currency trading, as well as strategies and tips for successful Forex trading with EUR pairs.

Analytics Yourself About EUR Currency Trading. To be successful in EUR currency trading, it's important to be aware of financial news and trends. Analyse the global market and see what currency pairs other traders are buying or selling. You can also check opportunities for trading interest rate differentials between countries which could increase or decrease your earnings depending on how you decide to buy and sell. By monitoring the market and staying informed, you’ll be better able to make successful trades.

Fundamental

The European Central Bank (ECB) raised its interest rates by 0.5% to 3%, as planned, to combat inflation, despite some investors' calls to delay the hike due to banking sector turmoil. The ECB is expecting inflation to exceed its 2% target through 2025. Due to the fundamental data, the Euro gained positively against the US Dollar, Pound, and Swiss Francs. The technical outlook, however, would determine our reaction to this situation.

EURUSD

The EURUSD is a commonly traded currency pair,and by understanding the different trading strategies and how they work, you can benefit from volatility. One strategy which traders often use is to follow trends; this means that when the trend looks like it’s going up, sell when it goes down and vice versa. Another common strategy is called ‘scalping’ where traders take advantage of small changes in price over a short period of time to make a profit. It can be risky, but many traders find success with scalping thanks to its ability to capitalize on movements quickly.

EURUSD has made an initial reaction to the drop-base-rally demand zone. At this juncture, we also see how the demand zone aligns perfectly with the 100-Day Moving Average, the trendline support, and the 88% Fibonacci retracement area. The sentiment is clearly, largely bullish.

Direction : Bullish
Target : 1.08700
Invalidation : 1.04850

EURGBP

One of the main advantages of trading the EURGBP pair is that there can often be strong moves due to major news events, which can create excellent opportunities for traders. If a trader has a fundamental view on where the market is going, they may use their technical analysis skills to execute profitable trades in EURGBP with shorter-term strategies. Similarly, long-term traders may benefit from using longer-term strategies or eventually finding an optimal entry and exit point could be beneficial in the long run.

Similar to what we had on EURUSD, we see here how EURGBP also reacted initially away from the demand zone. However, in the case of the EURGBP, we see the MAs arrayed in a bullish pattern. Based on the confluence of the trendline support, the 200-Day moving average, the MA array, the 88% of the Fibonacci retracement tool, and finally, the demand zone, I will keep my sentiments bullish on EURGBP.

Direction : Bullish
Target : 0.90560
Invalidation : 0.86930

EURJPY

Another currency pair to consider is EURJPY which is the Euro and Japanese Yen. The EURJPY rate is one of the most liquid of all Forex pairs and offers traders a very liquid market with a great deal of volatility. As it is heavily traded, there are many opportunities for traders to take advantage of both long and short-term trading strategies and this also makes it very attractive to extreme volatility traders as well as day traders.

EURJPY recently broke out of a wedge pattern, after which the price retreated into the demand zone responsible for that break of structure. It is important to note that because the demand zone aligns perfectly with the 76% Fibonacci level and the deop-base-rally demand zone, it is only logical to conclude in favor of a bullish outcome.

Direction : Bullish
Target : 147.30
Invalidation : 137.30

EURNZD

The EURNZD currency pair is often seen as an attractive trading option due to its liquidity, high volatility and low spreads. Traders gravitate towards this pair as it usually offers clear trend opportunities where they can take advantage of directional movements in either direction. Furthermore, the EURNZD rate often reflects many external factors such as geopolitics and shifts in interest rates between the two currencies. Therefore, traders should be aware of potential risks and benefit from trading strategies that are designed to capitalize on these trends over longer periods of time.

EURNZD is my favorite setup as far as this piece goes for very obvious reasons. The daily timeframe shows the price currently trading within a channel, with the current price action heading toward the trendline support of the channel. The exciting aspect of this setup is that the trendline support has other confluences from the drop-base-rally demand zone, the MA array, the 100-Day MA, and secondary trendline support.

Direction : Bullish
Target : 1.72940
Invalidation : 1.68090

CONCLUSION

The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.