Forex Marketz Daily Forex News – Fully Markets Update
The euro currency continues to look weak against the U.S. dollar. As we head into Friday’s trade session, the benchmark EUR/USD currency exchange rate is consolidating losses around 1.5070. Price action is also below 1.5080.
The U.S. dollar, all week, has benefitted broadly from a safe haven bid over sentiment linked currencies like the single currency (EUR).
Today’s economic calendar is busy. Germany will publish monthly retail sales as well as their manufacturing purchasing managers’ index (PMI). The Eurozone is also releasing their monthly manufacturing purchasing managers’ index.
Other euro area nations, like France, Italy and Spain, are also publishing their manufacturing purchasing managers’ index data, as well. The Eurozone will also publish their monthly consumer price index (CPI).
The United Kingdom will publish their monthly manufacturing purchasing managers’ index. The United States will release their monthly PCE price inflator, personal spending as well as the ISM manufacturing purchasing managers’ index. The U.S. is also publishing the University of Michigan consumer sentiment index.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above daily MT 4 price chart, the 14 day MACD histogram looks positive which could signal possible correction higher for the EUR/USD Forex market. With that said, price action remains under pressure since the high price point of 1.19 at the start of September.
The EUR/USD has broken below the yearly low price point at 1.16 and is now challenging the support lining up at 1.1579. The next downside barrier lines up at 1.1579.
A successful defense of 1.1579 could see a rebound and challenge of Thursday’s high price point at 1.1609. The next technical resistance level lines up at 1.1665 with the key psychological 1.1700 barrier then coming into focus.
On the downside, a daily close below 1.1562 could challenge the weekly low price point, and 24 July 2020 low price level. This downside level comes into play at 1.1402.
