Forex Marketz Daily Forex News – Fully Markets Update
Looking at the world’s most liquid currency exchange rate, the EUR/USD, on the above four (4) hour M 4 chart, the euro currency (EUR) remains pressure against the U.S. dollar. Forex traders are still in a risk off mood and looking for safety and liquidity over risk.
He euro currency has failed to cross above the key upside barrier in play at 1.1750 several times since 30 September. Looking at the economic calendar, for today, all eyes will be on labor data out of the United States.
The U.S. Labor Department will release their September non-farm payroll (NFP) report along with the monthly unemployment rate, labor participation rate and hourly average earnings change. The University of Michigan will publish their monthly consumer expectations gauge.
The European Union will release their core and headline consumer price index (CPI) data. Spain is publishing their monthly employment change and Germany will release their monthly BUBA report. The economic calendars for the United Kingdom and Canada are quiet today with no key releases.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at price action on the above EUR/USD price action chart, the MACD histogram is signaling exhaustion for any sustained and meaningful uptrend. This could lead to more losses for the euro currency against the greenback. He relative strength index (RSI) is also trending lower towards the mid-line (50).
With that said the EUR/USD Forex market could be looking to challenge the downside support congestion zone at 1.17 to 1.1685. The next downside barrier comes into play at the 25 September low price point at 1.1612. On the upside, the first layer of technical resistance lines up at the falling trend line into play since 1 September.
A daily close back above this level could see yet another test of 1.1750. Until this Forex market can see a daily and sustained close above 1.1750, the bears are likely to stay in control of this headline Forex market for the time being.
