Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark EUR/GBP currency exchange rate and the above four (4) hour MT 4 chart, the euro currency (EUR) is picking up a bid around 0.9085 during the early Asian trade session.
Looking at the economic calendar the European Union, Germany has a whole slew of economic data on the calendar. The Eurozone largest economy is releasing their monthly retail sales data, monthly import prices and their quarterly unemployment change.
France is publishing their monthly consumer spending and Italy is releasing their preliminary monthly consumer price index (CPI) data. The United Kingdom is publishing their final quarterly gross domestic product (GDP) data. Britain is also publishing their monthly current account and the monthly BRC retail sales index.
The United States is publishing the private ADP non-farm unemployment change for September, monthly pending home sales and their final quarterly gross domestic product. The U.S. is also releasing their monthly Chicago purchasing managers’ index (PMI). Canada is publishing their monthly gross domestic product (GDP).
Daily Euro Currency Technical Analysis (EUR/GBP)
Looking at the above four hour EUR/GBP price chart the MACD histogram is starting to flash a bearish signal as the euro looks to challenge the upside barrier in play at 0.9120. This includes a falling trend line in play since 23 September as well as the one hundred (100) hour simple moving average (SMA).
With that said a daily close above the technical upside barrier lining up at 0.9120 opens the door to challenge another falling trend line in play since 11 September. That layer of technical resistance is at 0.9180.
Looking at the downside the euro currency notes the first downside barrier lining up at 0.9030. A daily close below this level opens the door to challenge the key psychological level at 0.90 with the 31 August high price point then coming into focus at 0.8965. The monthly low price point at 0.8865 would the come on the radar.
