Forex Marketz Daily Forex News – Fully Markets Update
The euro currency is trading sideways around 1.2180 against the U.S. dollar as Forex traders start the last trading day before the weekend. On Thursday, the EUR/USD currency exchange rate was under pressure and remains within the bearish trade channel on the above price action chart.
Yesterday, the European Central Bank (ECB) announced monthly monetary policy. The central bank, as widely expected, left monetary policy, interest rates and monthly quantitative easing (QE) as is. Quantitative easing is the ECB’s monthly asset purchase program. During her news conference, ECB President Christine Lagarde avoided talks about taper.
Friday’s economic calendar is fairly light. Italy will release their quarterly unemployment rate and Germany is publishing monthly WPI data. The University of Michigan will release their initial monthly consumer sentiment index and inflation expectations for the United States.
The United Kingdom will release monthly gross domestic product data. Britain is also publishing monthly industrial and manufacturing production data. The UK is also releasing their monthly goods trade balance. Finally, Britain will publish their index of services (3M/3M).
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at price action on the above four hour MT 4 chart, the euro currency is trading between the one hundred and two hundred (100, 200) hourly moving averages. The MACD histogram is also looking bearish. This could signal more losses for the EUR/USD Forex market.
The euro has technical support at the 200 hour simple moving average at 1.2150. The next downside barrier lines up at the rising trend line from 13 May at 1.2120. The next layer of support then lines up at 1.2095.
On the upside, there is immediate technical resistance at the channel resistance. This upside barrier is at 1.2215. The 100 hour simple moving average lines up at 1.2195. The next layer of technical resistance lines up at 1.2265 with the key round number of 1.23 then coming into focus.
