Forex Marketz Daily Forex News – Fully Markets Update
Looking at the headline EUR/USD currency exchange rate and above daily MT 4 chart, the euro currency (EUR) is trading near where it began the month of September and around the short term twenty (20) day simple moving average (SMA).
Forex traders should note that the euro currency is also still trading above the long term one hundred and two hundred (100,200) day simple moving average but starting the week in a narrow trade range between 1.1840 and 1.1850.
The headline event for Monday’s economic calendar is Congressional testimony from Federal Reserve Board Chair Jerome Powell. His comments are not expected to stray from what the Federal Reserve has been saying over the last few weeks.
The Fed has prioritized job creation over inflation and signaled that they will keep their Fed Funds Rate (FFR) at zero to 0.25 percent until at least 2023.
Federal Open Market Committee (FOMC) Williams is also giving commentary during the day. As far as economic data is concerned the Chicago Fed will release their monthly national activity index.
The United Kingdom is holding their inflation report hearings and Germany will publish their monthly BUBA index for the month. Canada has no economic data on Monday’s schedule.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at price action on the above MT 4 chart, the euro currency posted, last week, another lower low at 1.1736 and a lower high at 1.19. This is seen clearer on the weekly MT 4 chart, not shown. The short term 20 day simple moving average is also maintaining its bullish slope over the 100 and 200 simple moving averages. With that the said the EUR/USD Forex market is trading directionless around that 20 day SMA.
Forex traders should also note that the technical indicators have stabilized but the MACD histogram has trended lower and the relative strength index (RSI) is flat around 54. The first layer of technical support lines up at 1.1790 with the next downside barrier in play at the monthly August low price point at 1.1695.
On the upside, the first layer of technical resistance lines up at 1.1915 with the yearly high price point in plat at 1.2010 then coming into play.
