Forex Marketz Daily Forex News – Fully Markets Update
The euro currency is under pressure against the U.S. dollar. The benchmark EUR/USD currency exchange rate is trading near 1.2150 after breaking two days in a row of gains.
The above daily EUR/USD MT 4 price chart shows the euro currency is challenging the ten day simple moving average (SMA). This level has held and capped gains in this Forex market.
Today’s economic calendar is fairly light. Germany, the euro area’s largest economy, will release monthly trade balance data. The United States will publish weekly crude oil inventory data. The United Kingdom has no economic data on the economic calendar today.
Canada’s central bank is announcing monetary policy. The Bank of Canada (BOC) will announce their overnight cash rate as well as monetary policy during the North American trade session. They are not expected to change policy or rates.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at price action on the above EUR/USD price action chart, the 14 day MACD histogram is signaling bearish momentum. While below the ten day simple moving average, the euro currency could see more losses before coiling higher again.
There is a rising trend line in play since 8 April. This is the first key layer of technical support and this level lines up at 1.2145. The next downside barrier then comes into play at the monthly low price point at 1.2105. The next downside barrier lines up at 1.21.
A sustained close below this level brings the May low price point at 1.2050 into focus. The next layer of technical support lines up at 1.20.
On the upside, immediate technical resistance is at the ten da simple moving average. A downward sloping trend line from 25 April is also in play here.
These upside barrier are at 1.2185 and 1.2190, respectively. A daily close above 1.2190 brings several key upside barrier into play next. These include 1.2240 and 1.2265.
