Forex Marketz Daily Forex News – Fully Markets Update
Looking at the euro and the EUR/USD Forex market and above four hour MT 4 chart, the EUR/USD currency exchange rate has been creating lower highs and high lows over the last two weeks.
The euro currency (EUR) is also trading between the one hundred (100) and 200 day moving averages.
There is a lot on the economic calendar today. Germany will release monthly retail sales data as well as their monthly unemployment change data. Spain is releasing their monthly manufacturing purchasing managers’ index (PMI) and the Eurozone is publishing their monthly final flash manufacturing purchasing managers’ index.
The world’s largest economy, the United States, will release monthly private ADP non-farm payroll change. Traders should note that the Labor Department’s non-farm payroll (NFP) will be released next week.
The United States will also receive the Institute for Supply Management (ISM) monthly manufacturing purchasing managers’ index. The U.S. Federal Reserve (Fed) will release their last monetary policy and rate decision meeting minutes.
The United Kingdom is publishing their final monthly manufacturing purchasing managers’ index and BRC shop price index. The economic calendar out of Canada is quiet today and Switzerland is releasing their final monthly manufacturing purchasing managers’ index.
Euro to Dollar Daily Technical Analysis
Looking at price action on the above MT 4 chart, the euro currency is trading quietly against the U.S. dollar (USD) as traders wait on a catalyst to take a position. The trade range is narrow and in what is called a symmetrical triangle.
With that said, a daily close below the low end of the triangle at 1.1210/09 will open the door to challenge the next downside barrier in play at 1.1148. This is also the 27 March high price point.
On the flip side, should the euro currency break out towards the top of the triangle, the 23 June high price point at 1.1349 would be the first upside barrier. The next layer of technical resistance to monitor would come into play at 1.1421.
