Forex Marketz Daily Forex News – Fully Markets Update
Looking at the world’s most liquid currency exchange rate, the EUR/USD and above four (4) hour MT 4 chart, the euro currency has broken above a falling wedge chart pattern and is taking aim at the key psychological price point at 1.18.
Looking at today’s economic calendar, the euro currency does not have a lot to focus on out of the European Union. Germany, the Eurozone’s largest economy, is publishing their monthly WPI gauge and their final monthly consumer price index (CPI) data.
The United States will release government weekly first time unemployment claims data as well as weekly continuing claims data.
The United Kingdom will publish monthly RICS housing balance data and Canada has nothing on their economic calendar today.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the euro currency and price action on the above MT 4 chart, the EUR/USD currency exchange rate did hit a low price point at 1.1710 on Wednesday but has retraced losses and is currently testing the key psychological upside barrier in play at 1.18.
Forex traders should also note the falling wedge chart pattern, which is converging trend lines that connect lower highs and lower lows. The EUR/USD Forex market has broken out to the upside. While within that chart pattern, the sellers were seemingly in control. The breakout to the upside could mean the buyers are reentering this Forex market.
With that said, the recent pullback from 1.19 has come to an end and the uptrend is back in play, for now. A daily close above 1.18 will open the door to challenge the 6 August high price point in play at 1.1915. The next upside barrier to monitor comes into play at 1.1935.
On the flip side, the first layer of technical support lines up at 1.1777. The next downside barrier to monitor then lines up at 1.1725. Just below this support level, the downside barrier at 1.1710 then comes into play with 1.1665 then coming into focus.
