Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark EUR/GBP Forex market on the above daily MT 4 price chart, the euro currency is challenging the top of a falling price channel at the key upside barrier at 0.90.
There are some economic events on the European calendar to affect the euro currency. Germany is releasing monthly retail sales data and both Italy and Spain are publishing labor data today. The United Kingdom will publish their private monthly BRC retail price index.
Forex traders are more interested in the ongoing Brexit talks and this seems to be buffering the euro currency and the British pound (GBP). The free trade negotiations, which is the final piece of the puzzle, for the divorce between the United Kingdom and the European Union, is coming down to the end. The final deadline is in less than thirty days on 31 December. With or without a FTA in place, Britain leaves the single currency and trade bloc.
There is still a very good chance for a messy Brexit without a trade deal in place as there are significant gaps still remaining. These road blocks are over fishing, governance rules and dispute resolution. Each side is urging the other to compromise and both sides have dug their heels in.
France is saying that London must make clear the position of the United Kingdom and “really negotiate.” France also says that the European Union will not accept a “substandard deal.” The EU chief negotiator, Michel Barnier, is scheduled to update the 27 member Eurozone today at 0730 GMT.
Daily Euro Currency Technical Analysis (EUR/GBP)
Looking at the EUR/GBP currency exchange rate, price action is fluctuating between 0.8973 and 0.90. Over the last five trading days, this currency exchange rate has gained just over 0.70 percent and a bullish outside week candle has formed.
With that said, a daily close above the falling trend line is needed. This is the descending price channel that connects the 11 September and 20 October high price points and the 28 September and 11 November low price points.
A daily close above 0.90 opens the door to challenge the upside barrier at 0.9070. On the downside, a daily close below 0.8942 opens the door to challenge the technical support layer at 0.8890.
