Which is the best currency pair long term?
Foreign exchange currencies change in just a few seconds. This trading option is more volatile than ever as more transactions are currently in process. There are yet economic changes this week as analysts see the potential of short term charts. This would provide further opportunities for big levels to watch out for.
The EUR/USD has low volatility with a low level of 1.3000 so no other expectations are to be seen until this week. The best currency for long-term outlook is the EUR/USD since it still ranges from 1.2800 to 1.3200. Added to that, the RSI and the short term average are on neutral as technically seen in the chart.
For the US economic indicators, watch out for this week’s current events. The USD Fed’s Yellen Speaks on Regulations in Shanghai which will certainly take effect on the forex data. Some of the indicators to watch out for are: USD Markit US PMI Final, USD Construction Spending and USD ISM Manufacturing.
The USD ISM Manufacturing has a high impact on the market which is forecasted at 50.5, compared to the previous result of 50.7. The USD Markit US PMI Final and USD Construction Spending is speculated to have a medium impact on online forex trading. The former was forecasted at 52, still not moving from the last value, while the latter is forecasted at 1.0% as opposed to -1.7%.
During last week movement, the EUR/USD posted a high of 1.3061 and a low of 1.2837 and closed at 1.2991. The last month movement of EUR/USD posted a high of 1.3242 and a low of 1.2795 ad closed at 1.2995. The last 2 months EUR/USD has been ranging from 1.2800 – 1.3250.
The low of 1.2800 has been a strong support for the pair if it manages to break below 1.2800 to see EUR/USD trading.
