Forex Marketz Daily Forex News – Fully Markets Update
Looking at the euro currency (EUR) and the above daily MT 4 EUR/USD chart, a Doji candlestick has formed which indicates trader indecision.
Today, the euro currency could be influenced by monthly German import prices. France is releasing preliminary quarterly gross domestic product data (GDP) and Canada is releasing their monthly gross domestic product (GDP) numbers.
There is nothing on the economic calendar out of the United Kingdom. The United States will release the Federal Reserve Board’s preferred measure of inflation, the PCE price inflator. The U.S. is also releasing monthly personal spending index.
The Chicago Federal Reserve is releasing their purchasing managers’ index (PMI). The University of Michigan will release their revised consumer sentiment index.
Yesterday, Federal Reserve Chair Jerome Powell spoke at the Jackson Hole Economic Symposium. He commented that the Federal Reserve will introduce an annual target for average inflation of two percent. The Federal Reserve will allow inflation to run at the target or above for a period of time before adjusting rates upwards. Lower interest rates are likely to keep gains with the greenback in check in favor of more at risk currencies.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above daily MT 4 chart, the euro currency has formed a Doji candlestick, as mentioned above. A daily close above the top of the Doji in place at 1.1902 would end the period of trader indecision and bring the technical upside barrier of 1.20 back into focus. The next layer of technical resistance lines up at 1.2035.
On the flip side, the EUR/USD currency exchange rate notes the bottom of the Doji candlestick coming into play at 1.1762. A daily close below this level will bring the March high price point of 1.1495 into play. There are some support levels on the way to 1.1495.
The first downside barrier lines up at 1.1756. The next downside barrier comes into play at 1.1689/90 with 1.1616 then coming into play.
