Forex Marketz Daily Forex News – Fully Markets Update
Looking at the euro currency (EUR) and above EUR/USD daily MT 4 chart, the world’s most liquid currency exchange rate continues to have difficulty closing above the key upside barrier in play at 1.19. This level has held as the EUR/USD Forex market challenged this level three times over the last five days.
Today, all eyes are on the United States as the Labor department will release their monthly non-farm payroll (NFP) data. This labor report will contain the monthly unemployment rate, average hourly change (month) and labor participation rate.
The European Union will also see some economic data being released. Germany is releasing monthly industrial production as well as monthly trade balance data. France is also releasing monthly industrial production as is Italy. France will also publish their monthly trade balance data.
The United Kingdom will see the private Halifax publish monthly house price index (HPI) data. Canada is publishing their monthly employment change as well as their monthly unemployment rate. The private monthly Ivy purchasing managers’ index (PMI) is also on the Canadian calendar.
Daily Euro Technical Analysis (EUR/USD)
Looking at the above daily MT 4 chart, the euro hit a high price, this week on Thursday, at 1.1916 before pulling back to 1.1876. Euro traders appear to be challenging the key upside barrier at 1.19 during the Asian trade session on Friday.
While below 1.19, the 14 day relative strength index (RSI) is being reinforced as it is signaling that the euro currency is overbought. There is also a spinning top candlestick chart pattern that is a bearish sign in the EUR/USD currency exchange rate.
With that said, a daily close below the 3 August low price point in play at 1.1696 opens the door to challenge the 10 June high price point and next downside barrier at 1.1422.
A daily close above 1.19 is needed to challenge the next upside barrier in play at 1.1923. The next layer of technical resistance lines up at 1.1970 with 1.2022 then coming into play.
