Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark EUR/USD currency exchange rate and above daily MT 4 price action chart, the euro currency (EUR) during the early Asian trade session on Tuesday is trading near 1.2268 as this benchmark Forex market challenges the rising trend line in play since the 4 November and 23 November low price points.
The safe haven U.S. dollar (USD) is enjoying somewhat of a boost against the sentiment linked euro currency. Germany is now considering extending their coronavirus (Covid-19) lockdown into the end of the month.
The United Kingdom has also gone on full lockdown as of midnight London time on Tuesday in order to control a sharp spike in new Covid-19 cases and a new “mutated” strain of the coronavirus.
The Secretary of State for Georgia is mulling whether or not to investigate President Donald Trump for openly and actively trying to overturn the result of the state’s election results. This stems from an hour long recording where Trump threatens and begs them to find him votes.
There is some key economic data to watch today. The Institute for Supply Management (ISM) will publish their monthly manufacturing purchasing managers’ index (PMI) for the United States. In Europe, both Spain and Germany will release monthly labor data and Germany is releasing monthly retail sales.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above EUR/USD daily MT price chart, the euro currency is challenging, the above mentioned, rising trend line. A daily close below this trend line, will confirm that the bulls are running out of steam.
The EUR/USD Forex market has also failed to stay above 1.23 for three days in a row. The first downside barrier lines up at 1.2120/21. Forex traders should also note the 14 day relative strength index (RSI) which is converging lower in favor of the seller for now.
In order to see a price climb higher and bring the bulls back into this Forex market, there needs to be a daily close above 1.23.
