Forex Marketz Daily Forex News – Fully Markets Update
Looking at the euro currency (EUR) on the above daily MT 4 chart, the single currency is having trouble extending gains against the U.S. Dollar (USD).
There are also some bearish signals with the technical indicators ahead of key flash purchasing managers’ indices (PMI) due on Friday.
The European Union will publish a whole slew of purchasing managers’ indices (PMI) today. Germany, the Eurozone’ largest economy will publish their monthly flash manufacturing and services purchasing managers’ indices (PMI). France, the second largest economy in the European Union, will also publish monthly flash manufacturing and services purchasing managers’ indices (PMI).
The Eurozone will also release monthly flash services and manufacturing purchasing managers’ indices (PMI) data. The United Kingdom will also release their monthly flash manufacturing purchasing managers’ index (PMI).
The world’s largest economy, the United States will publish their monthly flash manufacturing purchasing managers’ index as well. Canada is releasing key monthly core and headline retail sales data.
Forex traders should pay close attention to the high frequency or forward looking data. This means the labor sub-sections of the flash purchasing managers’ indices will be more critical than the headline numbers.
Daily Euro Technical Analysis (EUR/USD)
Looking at the price action, the euro currency is stalling as it tries to recover from 1.18 to 1.1868. There are some short term bearish signals with the technical indicators, including the relative strength index (RSI).
The fifty and two hundred day (50, 200) moving averages have crossed over each other, which is another bearish signal. This is more evident on the hourly MT 4 chart, not shown.
With that said, the first upside barrier for the euro lines up at 1.1885 with next upside barrier then coming into play at 1.19. A sustained close above 1.19 will shift focus towards 1.1950.
On the downside, the EUR/USD Forex market notes technical support lining up at 1.18. The next downside barrier lining up at the 12 August low price point at 1.1710.
