Forex Marketz Daily Forex News – Fully Markets Update
Looking at the euro currency and the above hourly EUR/USD MT 4 chart, the world’s most liquid Forex market has fallen below a three day old descending trend line as the U.S. dollar (USD) continues to find a bid into the end of the week.
Looking at the economic calendar in the euro area, known as the Eurozone, Germany, their largest economy is publishing monthly factory gate prices known as the producer price index (PPI). The Eurozone will also publish their monthly current account.
The United States will publish their current account today as well as the monthly CB leading index. The University of Michigan is publishing their monthly preliminary consumer sentiment index.
Canada is also releasing some key economic data as the week comes to an end. They are releasing monthly core and headline retail sales data as well as monthly wholesale price data. The United Kingdom will publish monthly their monthly retail sales data, as well.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at price action on the above EUR/USD price chart, the relative strength index (RSI) is still signaling overbought conditions which could bring about further weakness for the euro currency.
Price action is currently testing the downside barrier at the one hundred (100) hour moving average (HMA). This level is near 1.1843. Before continuing, traders should note the descending trend line in play near 1.1855.
With that said, a daily close below 1.1843 opens the door to challenge the next layer of technical support in play at 1.1838. The next downside barrier then comes into focus at 1.1830.
On the upside a daily close above 1.19 will bring back the bulls into the EUR/USD currency exchange rate. The next upside barrier lines up at the 10 September high price at 1.1920.
The key psychological lining up at 1.20 then comes into play with 1.2010 then coming under pressure. A sustained close above 1.2010 would bring the January 2018 high price at 1.2089 into focus.
