Forex Marketz Daily Forex News – Fully Markets Update
The EUR/USD is looking to turn lower once again. Note the Dark Cloud Cover candlestick which has turned into a Three Inside Down candlestick and subsequent move lower for the euro. A daily close below the trend line support at 1.0806 will challenge the next technical support at 1.1111. This is the higher achieved on March 31. Should the euro turn higher, we have technical resistance at the end of a congestion area running from 1.0994 to 1.1039. A break above this area challenges the technical resistance at 1.1121.
We are trading too close to a technical support to justify a short euro trade at this time. We also have the FOMC minutes release coming out. This will cause volatility. I will stand aside for now.