Forex Marketz Daily Forex News – Fully Markets Update
The headline EUR/USD currency exchange rate, as seen on the above daily MT 4 chart has seen an impressive run higher. The euro currency (EUR) has taken full advantage of the overall weakness seen in the almighty U.S. dollar.
On the economic calendar for Monday, it is all about manufacturing purchasing managers’ indices (PMI). Italy, Spain and Germany will all see monthly private manufacturing purchasing managers’ index data from the private Markit firm.
Markit will also publish monthly manufacturing purchasing managers’ index for the United Kingdom.
The United States will see their manufacturing purchasing managers’ index released by the Institute for Supply Management (ISM). The forward look labor section of the ISM PMI will be closely monitored. Markit is also releasing their manufacturing purchasing managers’ index for the United States. Monthly trade data is also on the American calendar.
Daily Euro Technical Analysis (EUR/USD)
Looking at euro currency priced action on the above MT 4 chart, the relative strength index (RSI) is signaling overbought. The RSI indicator is above the seventy (70) level which could signal a pullback with the euro is in the near-term cards.
Forex traders should also note that the euro is trading above the fifty, one hundred and two hundred (50,100,200) day moving averages which is a positive for the EUR/USD Forex market.
The first upside barrier to keep an eye on lines up at 1.1910. The next upside barrier is the key psychological level in play at 1.20. A sustained close above this level brings the technical layer of resistance lining up at 1.2085 into play. Other upside barriers line up at 1.2150 then 1.22. These last two levels have not been seen since early 2018.
On the downside, the first layer of support lines up at 1.1805 with the next downside barrier at 1.17 then coming into play. Other downside barrier to watch line up at 1.1620 then 1.1670. There is also a technical layer of support at 1.1510.
