Forex Marketz Daily Forex News – Fully Markets Update
The euro currency has moved higher against the U.S. dollar (USD) despite the deadlock regarding a potential European Union (EU) emergency fiscal stimulus package. Differences still remain between Eurozone member nations as Asian trade began on Tuesday.
Looking at the EUR/USD currency exchange rate and the above daily MT 4 chart, the euro currency, after falling for three days in a row, has inched higher to trade above 1.1440. This market has also closed above a key horizontal upside barrier, the 11 June high price point, in play at 1.1422.
The global economic calendar on Tuesday is very quiet. The European Union and the United States have no economic data scheduled for release today. The United Kingdom will publish low impact monthly public sector net borrowing data.
With the absence of data, Forex traders will look at potential Covid-19 (coronavirus) vaccine news as well as the spread of the virus throughout the United States. Ongoing headlines out of the European Commission surrounding a potential fiscal stimulus package should also provide some price volatility for the euro currency.
Daily Euro Technical Analysis (EUR/USD)
Looking at price action on the above MT 4 chart, the EUR/USD Forex market, considered the most liquid exchange rate in the world, as mentioned above, is now trading above 1.1440. The first upside barrier to note lines up at 1.15.
This currency exchange rate is also trading above the two hundred (200) day moving average and both the short-term five and ten (10) day moving averages are trending north. This indicates more room for EUR/USD gains.
Forex traders should also note the 14 day relative strength index (RSI) which is hovering around fifty (50) which is not in the overbought area. With that said the next upside barrier to watch before 1.15 lines up at 1.1468. On the downside, the first layer of technical support comes into play at 1.1378.
