Forex Marketz Daily Forex News – Fully Markets Update
Looking at the EUR/GBP currency exchange rate and above daily MT 4 chart, the British pound (GBP) came under selling pressure which pushed this Forex market higher. The euro currency (EUR) is currently finding upside resistance lining up near the short term fifty (50) day moving day average as traders look to challenge the key 0.90 resistance level.
Today Germany and France, the largest and second largest economies in the European Union (EU), will be releasing their monthly trade balance data. Italy, the third largest economy in the Eurozone will publish monthly retail sales data. The United Kingdom will release their monthly BRC sales monitor.
The United States will be returning from a long Labor Day holiday weekend today and their economic calendar is light. The United States will publish their monthly consumer credit. The Canadian economic calendar has no macroeconomic data events on the schedule today.
Daily Euro Technical Analysis (EUR/GBP)
Looking at the above daily EUR/GBP MT 4 price chart, should the euro currency see a daily close above 0.90, the net upside barrier lines up at the short term descending trend lining up at 0.9020. The short term fifty day moving average is also in this area
The technical indicators, like the relative strength index (RSI) and the 14 day MACD histogram, are trending positive indicating the euro currency has more upside potential. With that said, the EUR/GBP could break above the 50 day moving average as the British pound finds itself under selling pressure.
On the flip side, the first downside barrier comes into play at 0.8960. a daily and sustained close below this technical support level could open the door to challenge the key downside barrier in play at 0.89. A daily close below this key pivot point opens the door to challenge the downside congestion zone in play at 0.8865 to 0.8860.
