EURUSD

Written by Mike Druttman

Fact checked by Nick Zelver

Updated Mar, 2024

Intro

The Euro and US Dollar pairing, commonly known as "EURUSD," stands as the most liquid currency pair in the foreign exchange market, followed closely by the US Dollar and Japanese Yen. The term "EURUSD" signifies the amount of USD (quote currency) needed to purchase one Euro (base currency). This pair is available for trading on eToro. In this guide, I'll delve into the specifics and share personal insights that could be beneficial for traders.

Trading EURUSD via CFD

It's important to understand that trading EURUSD on eToro involves CFDs (Contracts for Difference), meaning you're speculating on currency price movements rather than physically exchanging Euros for US Dollars.

The allure of CFD trading lies in its ability to allow speculative trading on forex market movements without the need to own the actual currencies.

Why I Prefer Trading EURUSD on eToro?

• User-Friendly Interface: The platform is intuitively designed, making it accessible for traders of all experience levels.
• Flexibility in Trading: It allows you to trade according to your own schedule, accommodating various trading strategies and time zones.
• Zero Transaction Fees on Currency Trades: eToro offers the advantage of no transaction fees when placing a buy or sell position on this asset.
• Leverage Opportunities: The leverage options will enable you to open larger positions while committing a smaller amount of capital, potentially amplifying gains (while also increasing risks).

The EURUSD Asset Page

When you navigate to the EURUSD asset page on eToro, the Overview section is your starting point. This default section presents several key elements:

• Graph: This displays the performance of the asset over time. Take note that there's a more comprehensive graph that is accesible on another tab.
• About: Offers a brief introduction to the asset.
• Latest News: Provides up-to-date news relevant to the EURUSD pair, sourced from CityFALCON.
• People Also Bought: Shows other popular currency pairs that traders are currently investing in.
• Copy Investors: Lists top-performing traders who are investing in this currency pair. Clicking the "Copy" button next to a trader will direct you to the copy trading window.
• Discussions: Here, you can engage with posts and conversations from other traders interested in the EURUSD pair. The feed can be filtered to show either top discussions or all discussions. You also have the option to like, comment on, or share these posts.

Integrated Tools You Can Use

What I appreciate about eToro is the array of integrated tools that enhance the trading experience for this asset:

• Chart: Provides a live chart for the underlying asset, which can be configured to display time gaps ranging from 1 minute to 1 week.
• News: Keeps you updated with the latest news about the EURUSD pair, also powered by CityFALCON. It even categorizes the news mood as positive, negative, or neutral.

🎭 Sentiment Trends

Below the news feed is the "Sentiment Trends" section, quantifying the general sentiment about this topic. This feature includes a chart showing the 30-day average sentiment, along with the average sentiment and top stories for each day.

Trading EURUSD on eToro

You might be asking yourself, "How can I trade EURUSD on eToro?" Let's explore that.

To trade the EURUSD pair on eToro, search for the underlying asset, select "BUY" or "SELL," enter your investment amount, set your trading preferences, and then execute the trade. This streamlined process makes it straightforward to engage in trading activities on the platform.

Conclusion

And there you have it! I've covered everything essential for trading the EURUSD pair on eToro's web-based platform and mobile app. Remember to keep in mind the tips and insights I've shared in this guide. Best of luck with your eToro forex trading journey!

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.