Forex Marketz Daily Forex News – Fully Markets Update
Looking at the headline EUR/USD currency exchange rate and above thirty (30) minute MT 4 chart, the euro currency (EUR) is attempting to form an inverse head and shoulder chart pattern.
The euro currency is trading around 1.1675 during the Asian trade session. The world’s most liquid currency exchange rate is teasing this bullish head and shoulders pattern while trading around the neckline.
Looking at the economic calendar, for today, Spain will publish their monthly flash consumer price index (CPI). The United States will release monthly goods trade balance data as well as monthly housing price index data. The private firm CB will be publishing their monthly consumer confidence index for the United States as well.
The United Kingdom is releasing their monthly M4 money supply, monthly mortgage approvals and monthly net lending to individuals. Canada has a couple of low impact economic data releases on the schedule due later today.
Daily Euro Currency Chart (EUR/USD)
Looking at the above thirty minute price action chart, the euro currency is trading above the two hundred (200) hour moving average (HMA) but the relative strength index (RSI) technical indicator is flashing an overbought signal which could indicate losses ahead for the euro currency.
With that said, a daily close above the upside technical barrier in play at 1.1680 will open the door for a fresh challenge of the technical upside barrier that lines up at 1.1750. The next layer of technical resistance lines up at the 23 September high price point in play at 1.1720.
Above this level the EUR/USD Forex market has another upside barrier at 1.1750 with 1.18 then coming into focus. A sustained close above 1.18 then brings the 21 September high price pint at 1.1870 into focus.
A daily close below the 200 hour moving average in play at 1.1660 will open the door to challenge the technical layer of support at 1.1640 then bring 1.1610 into focus. The next layer of technical support then lines up at 1.16 with the March 2020 high price point in play at 1.15 coming on the radar.
