Forex Marketz Daily Forex News – Fully Markets Update
Looking at the euro currency (EUR), the single currency has seen five weeks in row of gains against the almighty U.S. dollar (USD). The EUR/USD currency exchange rate, as seem on the above weekly MT 4 chart, is above the former high price point seen in 2020. This price level is at 1.1496.
The weekly MT 4 chart shows that the euro currency has been rallying from the two hundred (200) day moving average. All the moving averages, the short term twenty (20), one hundred (100) and 200 day moving averages are all sloping higher, which is a bullish signal for the EUR/USD Forex market.
The United States is releasing monthly core and headline durable goods orders as well as the Dallas Fed manufacturing index for the month. The European Union will release monthly IFO consumer and business sentiment gauges. The IFO is also releasing their monthly sentiment expectation gauge. The United Kingdom has no events on their economic calendar.
Daily Euro Technical Analysis (EUR/USD)
Looking at price action, the EUR/USD
currency exchange rate has moved higher for six days in a row which could
support a corrective pullback in the near-term as Forex traders look to book
profits. The weekly chart shows that price action is only 200 pips or so above
the short term 20 day moving average.
This has also widened the distance between the longer term 100 and 200 day
moving averages. The 200 day moving average lines up at 1.1070. The lack of
upwards momentum could be a worrisome sign for the bulls as the week starts as
the technical indicators are also flashing overbought signs.
There is an upside level of resistance for the euro lining up at 1.1660. A daily close above this level opens the door to challenge 1.1730. The next upside level lines up at the September 2018 high price point at 1.1814.
On the downside, the first layer of technical support lines up at 1.15 with the next downside barrier in play at 1.1460. A daily close below the latter level could indicate a top in place.
