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Compare brokers for trading EUR/USD. Choose from brokers offering Forex trading on the popular currency major. All brokers in this list are authorised and regulated by the FCA. Check the features of each broker in our comparison to help get the best platform for your trading EUR/USD.

How to start trading on EURUSD and find the best broker

To trade on the fluctuations of currency pairs, you will need to open an account with a broker to get access to the markets and get started.

The forex brokers in our EURUSD comparison table will all allow you to do so and most offer extra features like demo accounts so that you can trade for free with a practice account to test trading strategies and get used to using the service before you have to commit real money.

When speculating on EUR/USD you will need to remember the following 5 key factors which could affect the success of your trading;

  1. Check your leverage value, it will normally be represented as two numbers like; 1:50, 1:100 or 1:200
  2. Choose a broker that will allow you to trade forex with
  3. Select the currency pair you wish to trade, like EUR/USD.
  4. Make sure you add a stop loss or automatic close to your order, this will mean you automatically collect profit if you choose correctly or protect you from too great a loss if the markets move against you.
  5. Choose whether to buy or sell on your trade, this is important as “buy” indicates that you think the rate will move positively, whereas choosing sell suggests that you think the rate will decrease. Remember, the rate, in this case, is the amount of quote

Best Forex Brokers for Trading EURUSD (Euro vs US Dollar)


Best Forex Brokers For Trading EURUSD

All the forex brokers are authorised and regulated by the Financial Conduct Authority where client funds are segregated and protected under FSCS. Note: If you want to convert one currency to another and send money abroad you need a currency broker.

Featured Forex BrokerWhat Forex pairs can you trade?How much does Forex trading cost?CEO InterviewMore Info

IG

With IG, you can choose to trade more than 80 currency pairs – from majors, such as GBP/USD to exotics such as HUF/EUR. You can trade these forex pairs via CFDs or spread bets. Get spreads from just 0.6 points on pairs like EUR/USD with the UK’s No.1 FX provider.

June Felix, IG CEO

Read June Felix CEO Interview

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IG Reviews
Your capital is at risk. 76% of retail CFD accounts lose money

CMC Markets

Trade forex on over 300 forex pairs, including EUR/USD, GBP/USD and AUD/USD, plus our customised range of 12 forex indices​. Spreads on EUR/USD, AUD/USD and USD/JPY start from just 0.7 points. CMC USD Index​ spreads from 0.25.

Read Peter Cruddas CEO Interview

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CMC Reviews

Pepperstone

Trade 61+ currency pairs with deep liquidity with pricing from multiple sources. Get some of the lowest forex spreads on the market with raw spreads from 0.0 pips on Razor accounts Tamas Szabo Pepperstone CEO Read Tamas Szabo CEO Interview Visit Pepperstone

Pepperstone Reviews
Fineco Trade 50+ Global Forex pairs Forex pairs with Fineco Fineco Forex spread are as low as, GBP/USD 1, EUR/USD 0.8, EUR/GBP 1

Paolo Di Grazia, Fineco General Manager Paolo Di Grazia, Fineco GM

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Fineco Reviews

Saxo Capital Markets

Access 182 FX pairs across majors, minors and exotics, plus spot metals, from only 0.4 pips Ultra-competitive FX spreads and trade major FX pairs from 0.4 pips. Competitive entry prices and even lower rates for active forex traders. Andrew Edwards Saxo Capital Markets UK CEO Read Andrew Edwards CEO Interview Visit Saxo

Saxo Reviews

XTB XTB Brokers

Trade 48 currency pairs, 24 hours, 5 days a week, micro-lot trading available Low forex spreads from 0.1 pips on EURUSD, 0.3 pips on GBPUSD and 0.02 on AUDUSD.

Arnaout Omar Omar Arnaout

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XTB Reviews

Spreadex Financials

Spreadex

Speculate on over 60 currency pairs with advanced technical analysis tools including Pattern Recognition, ProTrend Lines and advanced indicators plus drawing tools Low spreads from 0.6 pts on EUR/USD and 0.9 pts on GBP/USD with 24 hour trading on most FX markets

Jonathan Hufford

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Spreadex Reviews

Plus 500

Trade FX CFDs on 60+ Forex Pairs like EUR/USD, GBP/USD and EUR/GBP with up to 1:30 leverage Variable Forex spreads on currency markets. Plus500 does not charge additional Forex dealing commissions. Coming Soon Visit Plus 500

Plus 500 Reviews

City Index

Trade on 84 global FX pairs like EUR/USD, GBP/USD and USD/JPY at City Index with fast execution and tight spreads Trade forex CFDs, DFT or spread bets with tight spreads from 0.5pts on major FX pairs Coming Soon Visit City Index

City Index Reviews

eToro

Trade CFDs on 47 of the most popular currency pairs with trades based in USD with eToro Forex Forex spreads are variable and trading costs are built into the price. Daily finance is charged on overnight positions.

Yoni Assai Interview

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eToro Reviews

Best CFD Brokers For Trading EURUSD

Use our comparison tables to compare CFD brokers authorised and regulated by the FCA. Choose or switch to a CFD broker that offers the most markets, best pricing and client security.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. 

Featured CFD BrokerWhat can you trade via CFDs?What are the CFD trading costs?CEO InterviewMore Info

IG

IG clients can trade a range of over 17,000 CFD markets Trade CFDs on interest rates, bonds, sectors, forex, indices, global shares, commodities and cryptocurrencies Opening an account is free, and charges are competitive. Trade spreads from 0.6 points on key FX pairs like EUR/USD, 1 point on major indices like the Germany 30 and FTSE 100, and 0.3 points on Spot Gold.

June Felix, IG CEO

Read June Felix CEO Interview

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IG Reviews
Your capital is at risk. 76% of retail CFD accounts lose money

CMC Markets

Trade contracts for difference (CFDs) and access over 9,500 instruments with competitive spreads. Trade CFDs on forex, indices, cryptocurrencies, commodities, shares and treasuries. Trade CFDs on major forex pairs from 0.7 points and popular indices from 1 point. When trading UK shares a commission is charged from 0.1% or 2 cents per unit for US.

Read Peter Cruddas CEO Interview

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CMC Reviews

Pepperstone

150+ instruments across FX, indices, equities, cryptos, energy and commodities, and more, across three, free powerful platforms During liquid times, CFD spreads can go as low as 0 pips on the EURUSD on the Pepeprstone Razor account Tamas Szabo Pepperstone CEO Read Tamas Szabo CEO Interview Visit Pepperstone

Pepperstone Reviews
Fineco Trade Fineco CFDs on thousand of asset classes Equity, Indices, Commodities, bond and Interest Rates Share CFDs have no additional spreads, indices have spread as low as 0.4pips on S&P 500 and 0.6pip on Nasdaq 100 and FTSE 100. FX spreads on 50+ pairs from 0.8pips.

Paolo Di Grazia, Fineco General Manager Paolo Di Grazia, Fineco GM

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Fineco Reviews

Saxo Capital Markets

Access 9,000+ CFDs and trade CFDs on single stocks, indices, forex, commodities, options and bonds. Ultra-competitive pricing for trading UK stock CFDs from GBP 8, and US 30 Wall St. from 2 points. Andrew Edwards Saxo Capital Markets UK CEO Read Andrew Edwards CEO Interview Visit Saxo

Saxo Reviews

XTB XTB Brokers

Trade over 1500 global CFD markets including Forex, Cryptocurrencies, Indices, Commodities, Share CFDs and ETFs. Low forex spreads from 0.1 pips, stock CFD commission from 0.08%

Arnaout Omar Omar Arnaout

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XTB Reviews

Spreadex Financials

Spreadex

Trade one of the widest ranges of CFD markets including shares, indices, forex, commodities, bonds and interest rates. CFD spreads start from just 0.6 pts on EUR/USD, 1pt on UK 100 and 0.4 pts on Gold

Jonathan Hufford

Visit Spreadex

Spreadex Reviews

eToro

Trade CFDs in USD on eToro on a wide range of stocks, forex, indices, commodities and copy other CFD traders Cost are based in USD and eToro CFD trading costs are built into the spread.

Yoni Assai Interview

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eToro Reviews

Plus 500

Trade CFDs on a wide range of Indices, Forex, Commodities, Crypto, Shares, Options and ETFs Plus 500 CFD spreads are variable, yet competitive for new traders. There is no commission. Overnight funding is charged on positions. Coming Soon Visit Plus 500

Plus 500 Reviews

City Index

CFD Trading with City Index gives you access to over 4000 global markets including Indices, Shares, FX, Commodities and Bonds. Fixed and variable CFD spreads from 0.5 points with benchmark UK financing is LIBOR +/-2.5% Coming Soon Visit City Index

City Index Reviews

ETX Capital

Trade CFDs on ETX on over 5,000 instruments in all major asset classes including FX, Indices, Shares and Commodities.. Trade CFDs low commissions through ETX's pooled liquidity from a range of sources to deliver the best prices and narrowest spreads. Phil Adler CEO Interview ETX Reviews

Best Spread Betting Brokers For Trading EURUSD

Use our comparison reviews to compare spread betting broker costs, spreads, offers and features. Only Spread Betting Brokers authorized and regulated by the FCA where client funds are protected under the FSCS are featured.

Spread betting carries a high level of risk and losses can exceed your deposits. Featured brokers appear first.

Featured Spread BettingBrokerWhat markets can you spread bet on?How much are the spread betting fees?CEO InterviewMore Info

IG

Go long or short and spread bet on more than 17,000 markets with with IG, the world’s No.1 provider Spread bet from 0.6 points on key FX pairs like EUR/USD, 1 point on major indices like the Germany 30 and FTSE 100, and 0.3 points on Spot Gold.

June Felix, IG CEO

Read June Felix CEO Interview

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IG Reviews
Your capital is at risk. 76% of retail CFD accounts lose money

CMC Markets

Spread bet on the price movements of thousands of financial instruments, including indices, currencies, cryptocurrencies, commodities, shares and treasuries. Competitive spreads on our spread betting instruments, including major FX pairs from 0.7 points, major indices from 1 point and crude oil from 3 points.

Read Peter Cruddas CEO Interview

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CMC Reviews

Pepperstone

Spread bet on 150+ instruments across FX, indices, equities, cryptos, energy and commodities, and more, across three, free powerful platforms Spreads on our MetaTrader 4 and MetaTrader 5 platforms are variable, with prices coming from many providers and sources to ensure you're getting the best price. Tamas Szabo Pepperstone CEO Read Tamas Szabo CEO Interview Visit Pepperstone

Pepperstone Reviews

Spreadex Financials

Spreadex

Trade one of the widest ranges of spread betting markets including large and small cap shares, indices, forex, commodities, bonds and interest rates. Spread betting spreads start from just 0.6 pts on EUR/USD, 1pt on UK 100 and 0.4 pts on Gold

Jonathan Hufford

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Spreadex Reviews

City Index

Spread Betting with City Index provides a tax-free* way to trade over 8000+ global markets. Fixed and variable spreads from 0.5 points with benchmark UK financing is LIBOR +/-2.5% Coming Soon Visit City Index

City Index Reviews

ETX Capital

Trade over 5,000 markets with Profits exempt from both Stamp Duty and Capital Gains tax within the UK. ETX offer competitive spread betting costs with major FX pairs from 0.6 pips and spreads on major Indices from 1 pt. Phil Adler CEO Interview ETX Reviews

Best DMA Brokers For Trading EURUSD

Compare brokers that offer Direct Market Access (DMA) who are authorised and regulated by the FCA.  Use DMA to get inside the price and reduce your trading costs by getting better prices.

DMA BrokerDMA AccessDMA ExecutionAccount TypesCEO InterviewMore Info

IG

Stocks:
FX:
Index:
Commodities:
Voice:
Online:
Strategy:
Prime:
DMA:
Futures:
CFD
Spreadbetting:

June Felix, IG CEO

Read June Felix CEO Interview

Visit IG

IG Reviews
CEO Interview
Your capital is at risk. 76% of retail CFD accounts lose money

Saxo Capital

Stocks:
FX:
Index:
Commodities:
Voice:
Online:
Strategy:
Prime:
DMA:
Futures:
CFD
Spreadbetting:
Andrew Edwards Saxo Capital Markets UK CEO Read Andrew Edwards CEO Interview Visit Saxo

Saxo Reviews
Fineco Stocks:
FX:
Index:
Commodities:
Voice:
Online:
Strategy:
Prime:
DMA:
Futures:
CFD
Spreadbetting:

Paolo Di Grazia, Fineco General Manager Paolo Di Grazia, Fineco GM

Visit Fineco

Fineco Reviews
Interactive Brokers Interactive Brokers Stocks:
FX:
Index:
Commodities:
Voice:
Online:
Strategy:
Prime:
DMA:
Futures:
CFD
Spreadbetting:

Thomas Peterffy

IBKR Services

Best MT4 Brokers For Trading EURUSD

MT4 or MetaTrader 4 is currently offered by over 600 brokers worldwide. Compare the top MT4 brokers to ensure you get the best pricing, tools, analysis, welcome bonus and features.

Featured MT4 BrokerWhat can you trade on MT4?How much does MT4 trading cost?CEO InterviewMore Info

IG

IG’s MetaTrader 4 package delivers instant access to 18 free add-ons and indicators, giving you an edge in your trading. You’ll also have the option to download thousands more from inside the MetaTrader 4 platform. Take advantage of minimum spreads of 0.6 on a host of forex pairs with IG. The minimum lot size on MT4 is 0.01 lots, helping you manage the risks of high-volume trading.

June Felix, IG CEO

Read June Felix CEO Interview

Visit IG

IG Reviews
Your capital is at risk. 76% of retail CFD accounts lose money

CMC Markets

Trade CFDs on 30 currency pairs including EUR/USD, GBP/USD and USD/JPY, major indices like the UK 100 and US 30, plus popular commodities such as Gold, Silver and Crude Oil Trade Forex from 0.7 pips on MT4, indices from 1 point and Gold from 0.3.

Read Peter Cruddas CEO Interview

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CMC Reviews

Pepperstone

Trade 85 pre-installed MT4 indicators available on the desktop app for greater insight into market trends During liquid times, MT4 spreads can go as low as 0 pips on the EURUSD through the Razor account Tamas Szabo Pepperstone CEO Read Tamas Szabo CEO Interview Visit Pepperstone

Pepperstone Reviews

Saxo Capital Markets

With Saxo Capital Markets' MT4 you can trade DMA on over 25+ tier 1 liquidity providers with professional-grade execution and liquidity models. Saxo MT4 spreads range from 0.3 pips on EURUSD 0.1 on USDJPY with prices derived from a wide range of Tier 1 institutions or choose Saxo’s own highly competitive pricing. Andrew Edwards Saxo Capital Markets UK CEO Read Andrew Edwards CEO Interview Visit Saxo

Saxo Reviews

XTB XTB Brokers

Trade over 1,500 markets through MT4. Test and optimise your trading strategies with the MT4 Strategy Tester Low forex spreads from 0.1 pips, stock CFD commission from 0.08%

Arnaout Omar Omar Arnaout

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XTB Reviews

ETX Capital

Trade over 60 FX pairs including majors, minors and a range of exotics currency pairs with ETX. ETX offer low FX trading costs on spread betting and CFDs with spreads on EURUSD from only 0.6 pips, and GBPUSD from 0.9 pips. Phil Adler CEO Interview ETX Reviews

City Index

With City Index’s MetaTrader4 platform, you can trade over 80 Forex pairs, including majors, minors and exotics. Ultra-tight spreads, fast trade executions and unique trading tools. Coming Soon Visit City Index

City Index Reviews

Best Options Brokers For Trading EURUSD

Use our comparison tables to compare the best UK based options brokers authorised and regulated by the FCA. Choose or switch to an option broker that offers the most markets, best pricing and client security.

Featured BrokerFutures & OptionsServicesAccount TypesCEO InterviewMore Info

Saxo Capital

Stocks:
FX:
Index:
Commodities:
Voice:
Online:
Strategy:
Prime:
DMA:
Futures:
Options:
CFD
Spreadbetting
Andrew Edwards Saxo Capital Markets UK CEO Read Andrew Edwards CEO Interview Visit Saxo

Saxo Reviews

IG

Stocks:DMA
FX:
Index:CFD
Commodities:CFDs
Voice:
Online:
Strategy:
Prime:
DMA:
Futures:
Options:
CFD
Spreadbetting

June Felix, IG CEO

Read June Felix CEO Interview

Visit IG

IG Reviews
Fineco Stocks:DMA
FX:
Index:CFD
Commodities:CFDs
Voice:
Online:
Strategy:
Prime:
DMA:
Futures:
Options:
CFD
Spreadbetting

Paolo Di Grazia, Fineco General Manager Paolo Di Grazia, Fineco GM

Visit Fineco

Fineco Reviews

Linear Investments

Stocks:
FX:
Index:
Commodities:
Voice:
Online:
Strategy:
Prime:
DMA:
Futures:
Options:
CFD
Spreadbetting

Jerry Lees

Linear Services
Interactive Brokers Interactive Brokers Stocks:
FX:
Index:
Commodities:
Voice:
Online:
Strategy:
Prime:
DMA:
Futures:
Options:
CFD
Spreadbetting

Thomas Peterffy

IBKR Services

Compare EURUSD Exchange Rates Quotes From Top Currency Brokers

If you want to convert over £10,000 from one currency to another you need a currency broker. Currency brokers offer exchange rates that are much better than banks and because they specialise in foreign exchange the process is much more user friendly. Most established currency brokers do not charge a commission or any fee for paying the money to an international beneficiary.

Currency BrokerWho are they?What do they offer?CEO InterviewMore Info

OFX

Currency broker OFX have transferred over £78b in currency conversions for 1 million customers around the global. They have a network of 115 global banking patterns, offer over 55 currency pairs, are regulated by over 55 global regulators and offer 24/7 customer service. OFX offer personal and business currency brokerage with zero commission. They offer same-day payments and forwards online or over the phone with 80% of all major currency transfers processed in 24 hours. Sarah Webb OFX Read Sarah Webb Interview Get A Quote

Compare Quotes

Currencies Direct

Currencies Direct have helped more than 325,000 customers move money internationally since they were founded in 1996. With them customers can transfer 40+ currencies to 120+ countries. They have more than 20 global offices and employ over 500 currency experts. 24/7 transfers online, over the phone and by app No transfer fees Personal currency expert Spot and forward contracts, limit orders and rate alerts Specialist business transfer services and risk management solutions

Marc Morley-Freer – Currencies Direct Global Head of Personal Clients Marc Morley-Freer Interview

Get A Quote

Compare Quotes

TorFX

TorFX have been connecting their customers with great exchange rates and no transfer fees since 2004. They’ve won the Moneyfacts Consumer Award for International Money Transfer Provider of the Year five times (2016 – 2020) and have also won the Best Customer Service award four times (2016, 2017, 2019 and 2020). They have a five-star ‘Excellent’ TrustScore on Trustpilot. Dedicated account management The ability to transfer over the phone, online or by app Great exchange rates and hidden fees Tailored transfer services Free market updates Nigel Fox – Managing Director, TorFX

Nigel Fox MD Interview

Get A Quote

Compare Quotes
Linear Int Payments Linear International Payments is a currency broker that cater primarily to large currency transfers and conversions. Personal service and expert advice.
Online :
Phone:
Forwards:
Same_Day:
Options:
Currencies:40+
Min_Transfer:£1,000
Read Mark Phipps Interview Compare Quotes

Linear Reviews

RAM FX

Ram FX specialise in personal service for corporates, funds, family offices and high net-worth currency brokerage for individuals. Online :
Phone:
Forwards:
Same_Day:
Options:
Currencies:10+
Min_Trade:£1,000
Read Mark Henry Interview Compare Quotes

Ram FX Reviews

Assure Hedge

Assure Hedge specialise in online OTC FX Options for hedging Online :
Phone:
Forwards:
Same_Day:
Options:
Read Barry Mccarthy Interview Compare Quotes

Reviews

Which forex brokers have the tightest EURUSD spreads?

eToro EURUSD Spreads 0.3030%
City Index EURUSD Spreads 0.50 (minimum)50%
IG EURUSD Spreads 0.6060%
ETX Capital EURUSD Spreads 0.60 (minimum)60%
Saxo Capital Markets EURUSD Spreads 0.6060%
Spreadex EURUSD Spreads 0.6060%
CMC Markets EURUSD Spreads 0.7070%
XTB EURUSD Spreads 0.7070%
Fineco EURUSD Spreads 0.8080%
Plus 500 EURUSD Spreads 0.80 (variable)80%
Pepperstone EURUSD Spreads 1100%

EURUSD Broker Spread Analysis

On paper eToro have the tightest EURUSD spreads, but the downside of trading with eToro is that all your trades are settled in USD. So for example, if you trade the FTSE with eToro your P&L will be in USD rather than GBP. Not such an issue if you are trading in a USD denominated contract like EURUSD (P&L is always the back currency). However City Index, who offer spread betting and CFDs come in second with minimum spreads of 0.5 pips, although these are variable. Pepperstone, the Australian Forex broker ranks last for EURUSD spread width.

What Does EURUSD Mean?

When you see EURUSD, EUR/USD or euro vs US dollar written in this way, it designates the currencies as a pair.

The currency listed first is the base currency, in this case, the euro, while the second listed currency is the quote currency.

The numeric rate shown is how much of the quote currency is needed to buy one of the base currency, in this case, 1 euro.

You could make a profit by correctly predicting how the currency rate between the two currencies changes over time.

The EUR/USD currency pair is one of the “major” currency pairs because of its popularity with traders globally. The reason for this popularity is largely because of economic reasons.

The currency of the USA, one of the World’s largest free-market economies, is the US Dollar (Greenback, USD).
For 19 Eurozone members, their currency is the Euro (EUR). The exchange rate between the US dollar and the Euro is EURUSD.

The Euro was created on December 31 1998, when thirteen countries decided to scrap their currencies and move into one currency. The newly created central bank of these countries using the Euro is the European Central Bank (ECB), which set the monetary policy for the Euro.

Given that the Eurozone is one of the most developed blocs in the world, the Euro is also one of the most traded currencies in the world with its daily transaction value estimated by the BIS at US$2.129 trillion (2019). So, it is a liquid currency.

So, with the powerful economies behind each of these currencies make buying and selling the pair an attractive proposition for traders.

Why do the EURUSD currency rates change?

The prices of these two, widely used and popular currencies change for many reasons including;

  •  Monetary policy of the government in charge of the economy behind the currency
  • Inflation, countries with lower inflation tend to have higher currency values
  • Interest rates, currency rates can be influenced by central banks changing interest rates. Higher interest rates can cause currency rates to rise.
  • Public debt, high levels of public borrowing can mean currencies become less attractive
  • Political and economic uncertainty or changes

Once you have a basic knowledge of the EURUSD, you then progress to understand the following:

  1. Investor expectations
  2.  Market psychology
  3.  Dealing with unexpected events.

Data flow by itself seldom moves markets significantly. It is the prior expectations that cause sharp moves. Pay attention to the market reaction (to any data) since it will tell you a lot about market expectations. Sometimes prices can drift in the direction of the initial reaction for days, creating opportunities.

On market psychology, you will have to read lots of positioning reports, sentiment data, and price trends - and draw your own conclusion. Does it make sense? The longer the price trend, the more extreme market psychology becomes. In markets generally, there is this concept called self-fulfilling loop, which reinforces the prevailing trend.

Lastly, you will have to guard against surprising events, such as verbal interventions by important policymakers. On July 26, 2012, for example, the ECB president stated that "the ECB is ready to do whatever it takes to preserve the euro." It sent such a powerful message to the market that it literally set a floor on EURUSD and reversed its long-running decline. Prices trended up for the next six months.

The fluctuations in the prices of the currencies are what makes forex attractive to traders.

How to learn to trade EURUSD

Watching the exchange rate and learning its day-to-day behaviour is key. Remember, you do not trade markets. Rather, you trade your beliefs and understanding about the market.

Write down any pattern you think is relevant about the rate, patterns can include things like; head and shoulders, triangles, engulfing pattern and many more. Test these patterns against their past movements. Do they work?
Trade with a free or demo account for a few months first to help work out if this currency pair is suitable for your trading strategy.

Good Money Guide has some helpful resources for both beginners taking their first steps into trading and more experienced traders looking to trade EUR/USD and currency pairs.

Here’s an article explaining where you can learn to trade if you are a complete beginner.

A beginner’s guide to trend trading for those who are ready to open an account and get started trading.

A 10-step guide to trading with technical analysis will help you to understand what technical points to look out for when you are trading.

Finally, we’ve put together an article explaining why trading tutorial courses should be treated with scepticism

Live EURUSD Rates


Where to Find EURUSD News & Forecasts

The first step to finding out more about a foreign exchange rate is to read daily news about it. In particular, you need to pay attention to three things that will impact the exchange rate:

  • Regular data releases.
  •  Central bank meetings and monetary policies
  •  Ad-hoc international financial meetings, e.g. G7 Ministerial or Eurogroup meetings.

Checking for up to date FX News, checking live rates, like those included in our charts, should be something that you spend time doing to familiarise yourself with the current market movements and sentiment. Read recent news about EURUSD will tell you what is impacting the rate. Look for major news agencies such as Reuters.

Also, remember to look at planned data releases for the week ahead. This will give you some ideas about the forthcoming things that traders will be looking at. In most tables, there will be a row of 'expected value' of the data. Note them and factor in what this could mean for the value of the currency pairs that you are interested in.

What are the major risks of trading EURUSD?

The biggest risk from trading EURUSD is that you are on the *wrong side* of the trend. When you realise this, abandon the trade as soon as possible. Do not hope that the market will turn in your favour - because it may not.

You should consider implementing stop losses as a guard to prevent a losing trade from ballooning. Traders of all experience levels tend to implement stop losses.

Another risk comes from the pattern of the rate. In other words, the rate is not 'trending' either up or down enough. It becomes harder to exploit price movements because there is insufficient distance between the entry and exit points.

The last point relates to extreme price moves. These days in the FX market, there is a tendency for a rate, in some quiet time zones, to move violently. This is a risk for all currency pair traders and constitutes another risk for EURUSD.

Other risks that you should think about before committing real funds into your trades are;

  • Uncontrolled market risk, caused by inflation, elections, strikes etc.
  • Leverage risks, higher levels of leverage offered by brokers can expose you to greater financial losses should the markets move against your trades. Just because brokers may offer large leverages it doesn’t mean you have to use it. Remember also to employ stop losses on your trades.
  • Counterparty risk, as your broker holds your funds and opens and closes your positions there is a chance that they will not pay you in the event of their bankruptcy or if you use shady or unknown brokerage service. All of the brokers we compare are FCA registered and protected with the FSCS deposit protection scheme.
  • Low liquidity risks, generally the forex market is very liquid but there can be periods where liquidity stalls. When this happens, it can increase your costs as a trader. However, there are normally ways to mitigate this risk such as increasing spreads.
    Consider these risks carefully and ways to mitigate them before you begin trading.

Can you make money trading EURUSD?

You certainly can make money from forex trading. However, you can also lose money quickly. You need to have the right strategy at the right time.

You need to deal with probability too. Nobody gets it right every time. Sometimes you win, sometimes you lose. To win out in the long run, you have to cap your losses and max your gains.

Position size your trade in a way that even if prices move significantly against you the overall portfolio remains viable.

With a good strategy, the right broker who offers features and services to meet your needs at a reasonable cost, then you could profit from the changing price of currencies. However, remember also that forex trading is inherently risky.

Alternative Currency Pairs for Forex Trading

You can read about the the most liquid forex pairs in our guide to the best forex pairs for trading.

Rank.SymbolFX Pair
1EUR/USDEuro vs US Dollar
2GBP/USDBritish pound vs US dollar
3USD/JPYUS Dollar vs Japanese Yen
4EUR/GBPEuro vs British Pound
5AUD/USDAustralian Dollar vs US Dollar
6USD/CADUS Dollar vs Canadian Dollar
7USD/CHFUS Dollar vs Swiss Franc
8NZD/USDNZ Dollar vs US Dollar
9EUR/JPYEuro vs Japanese Yen
10EUR/AUDEuro vs Australian Dollar

Can you invest in FX like the EURUSD?

You can, but you have to bear in mind that Forex is a relative instrument. An exchange rate derives its movement from the relative imbalances - current and future - between two countries.

One leg of the currency, say USD, can strengthen for a few years. So, if you're long the Euro the account will suffer.

There is a Euro Currency ETF (FXE, factsheet here) listed in the US, which mirrors the EURUSD spot rate. With an ETF, you can too buy or short the instrument, albeit at a lower leverage level.

EURUSD FAQs


Q. What Time Does EURUSD Open and Close?
There are different “sessions” in trading zones across the globe, which open at different times according to their time zones.
The main ones are:
Sydney 07:00 - 16:00 local time (20:00 - 05:00 gmt)
Tokyo 09:00am - 18:00 local time (00:00 - 09:00 gmt)
London 08:00 - 16:00 local time (gmt)
New York 08:00 - 17:00 local time (12:00 - 21:00 gmt)

The markets are open 24 hours a day during weekdays, but the times when they are active are between, 06:00 - 14:00 GMT, as both London and New York are open between these times.

Q. How Low Can EURUSD Go?
A. Because the rate is a relative number and represents how much base currency is needed to buy one whole of the quote currency, there is no upper limit or floor for the rate. The EURUSD rate could theoretically reach any peak or low point. The highest the EURUSD ever has been was 1.603 in July 2008 and a record low of 0.8231 in October 2000. As of March 2020.

Q. Why Did EURUSD drop?
A. The rate can change for many reasons, so narrowing down a specific reason can be difficult. Instead of trying to understand the specific reasons why it is important to get an understanding of how the market responds to new information and announcements. That way you can begin to use this information as part of your trading strategy.

Q. How Can You Predict EURUSD?
A. Predicting the movements of EURUSD can be very difficult as so many factors can influence the rate. You can prepare your trading strategy by looking at upcoming fiscal announcements that may affect the rate and by understanding how the markets will react to these announcements. This type of understanding can help make money from your trades.

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