Forex Marketz Daily Forex News – Fully Markets Update
Looking at the euro currency (EUR) and the world’s most liquid Forex market, the EUR/USD, the single currency finally saw its winning streak come to an end after seven days.
This comes after the EUR/USD currency exchange rate formed a bearish inside candlestick pattern on the daily MT 4 chart. During the past seven days the euro rose from 1.14 to 1.1781 against the U.S. dollar (USD).
The headline event on the economic calendar for today is the monetary policy and rate decision from the Federal Open Market Committee (FOMC). The FOMC is the monetary policy arm of the U.S. Federal Reserve Board (Fed).
The FOMC will also release their monetary policy statement and FOMC Chair Jerome Powell will speak to the press. The United States will also publish monthly pending home sales, weekly crude oil inventory data and monthly goods trades balance data.
The European Union economic calendar is fairly quiet. Germany is releasing monthly import price data today. The United Kingdom is releasing annual BRC price index data as well as monthly housing data. The Canadian economic calendar has no data releases on the calendar today.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above daily MT 4 chart, an inside candlestick pattern forms when an underlying asset forms daily range prices between the previous daily high price point and low price point. In this case, the euro fell from 1.1781 to 1.1641. The inside candlestick is a simple consolidation or indecision by traders and usually an early warning of a price trend reversal.
Looking at the relative strength index (RSI), this indicator is above fifty (50) which indicates that a temporary top could be forming. The first key downside barrier lines up at 1.1580/79. Before that level the immediate layer of support lines up at 1.1685 with the next layer of technical support lining up at 1.1610.
On the upside, the first layer of technical resistance lines up at 1.1760. The next upside barrier comes into play at 1.1805 with 1.1835 then coming into focus.
