Forex Marketz Daily Forex News – Fully Markets Update
Looking at the euro currency (EUR) on the above one hour EUR/USD MT 4 chart, the single currency is starting to show signs of exhaustion near the upside barrier in play at 1.1565.
This comes after the EUR/USD currency exchange rate failed to climb above the upside barrier in play at 1.1602 on Wednesday.
Today the European Union will publish their monthly consumer confidence data. Germany, the largest economy in the European Union, will publish their monthly Gfk consumer confidence gauge. This data should cause some price action volatility for the euro currency.
The United States will release their monthly CB leading index gauge as well as weekly unemployment claims data from the U.S. Labor Department. Forex traders will pay close attention to continuing claims data as there is a surge in Covid-19 cases in states like Florida, Texas and California. The former states, mentioned, are now considering a second lockdown to stem the new surge in cases.
The United Kingdom is publishing monthly CBI industrial orders expectations data. The Canadian economic calendar is quiet today with no events on the schedule.
Daily Euro Technical Analysis (EUR/USD)
Looking at price action on the above Mt 4 chart, the euro notes a downside barrier in play at 1.1550. A daily close below this level, coupled with a bearish relative strength index (RSI) opens the door for more losses for the EUR/USD Forex market. The RSI is showing a bearish divergence which happens when a series of lower highs form instead of a series of higher highs.
With that said, the EUR/USD currency exchange rate remains tilted to the upside while above the technical upside barrier in play at 1.1437. The next upside barrier to monitor lines up at 1.1612 with the next layer of technical resistance lining up at 1.1655 then coming into play. The next layer of technical resistance lines up at 1.1707/08.
On the downside, the first key downside barrier to watch lines up at 1.1438. A daily close below this level opens the door to challenge the technical layer of support in play at 1.1335.
