Forex Marketz Daily Forex News – Fully Markets Update
The headline EUR/USD currency exchange rate has fallen to an intra-day low of 1.2159/60 during the early Asian trade session on Thursday. The euro currency has found some support and since turned higher towards the upper line of a one month old rising wedge pattern.
Forex traders should also note the MACD momentum indicator is signaling a bearish price trend in this benchmark Forex market. This could signal more weakness ahead for the euro currency.
Today’s economic calendar is not very busy. The European Union will publish monthly M3 monetary supply data. The world’s largest economy will release quarterly gross domestic product (GDP) data as well as monthly pending home sales and core durable goods orders.
However, the big data to watch is weekly labor data from the U.S. Department of Labor. The U.S. is publishing weekly first time unemployment claims as well as weekly continuing claims jobs data.
Canada has nothing on the economic calendar and neither does the United Kingdom. Also of interest to the global Forex markets is the ongoing debate in the U.S. Congress over President Joe Biden’s $1.9 trillion coronavirus pandemic fiscal stimulus relief package.
Members of his own party, the Democrats, want a minimum federal wage of $15 per hour. The Republican (GOP) Party are worried about a swelling pile of debt and think this aid package is too big. The Democrats have only a thin majority in both houses of the government.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at price action on the above four hour EUR/USD MT 4 price chart, the euro has challenged the fifty (50) hour simple moving average. This downside barrier lines up at 1.2120/19. The next downside barrier lines up at the two hundred (200) hour simple moving average at 1.2110.
Should the euro currency fall below these moving averages, the support line of the above mention wedge chart formation comes into play at 1.2070 with the key round number at 1.20 popping onto the radar. Another downside barrier to watch lines up at 1.1850.
Immediate technical resistance lines up at 1.2175 with the January 2021 high price point at 1.22 then coming into focus.
