Forex Marketz Daily Forex News – Fully Markets Update
Looking at the euro currency and the world’s most liquid currency exchange rate, the EUR/USD Forex market. This widely traded Forex market is trading above the two hundred hourly moving average (HMA) on the one hour MT 4 chart.
Today the Eurozone will release monthly final services purchasing managers’ index (PMI). Italy is also releasing their final services purchasing managers’ index (PMI). The Eurozone is also releasing monthly retail sales data.
The United States will publish their monthly private ADP non-farm payroll change. The Institute for Supply Management (ISM) is publishing their monthly non-manufacturing purchasing managers’ index (PMI). FOMC member Loretta Mester is also delivering commentary today.
The United Kingdom will release final monthly services purchasing managers’ index (PMI), as well and Canada is publishing monthly trade balance data.
Daily Euro Technical Analysis (EUR/USD)
Looking at the above hourly MT 4 chart, the euro is still trading below and upward sloping trend line that is guiding price action higher but capping gains with the euro currency. The MACD histogram is still showing a bullish trend which would support gains for the EUR/USD currency exchange rate.
The first layer of technical support comes into play at 1.18. The next layer of support comes into play at 1.1750 with the 200 HMA then coming into play. This downside barrier lines up at 1.1745. The next technical support level comes into play at 1.1730. a sustained close below this level opens the door to challenge the support layer at 1.1710 with focus then shifting to 1.1630.
The first layer of technical resistance is at that upward sloping trend line. This layer of technical resistance comes into play at 1.18. The next upside barrier then comes into play at 1.1820. A sustained close above this level opens the door for 1.1860 then the key upside barrier at 1.19. The next layer of technical resistance comes into play at 1.1910.
