Forex Marketz Daily Forex News – Fully Markets Update
Looking at the euro currency on the above EUR/USD four (4) hour MT 4 price action chart, the world’s most liquid Forex market is under pressure as it has fallen from 1.1748 to 1.1614 during the early Asian trade session.
All eyes are on the United States of America as they tally their Election Day votes. This has been a divisive and hard fought battle for who will be the next president. Political uncertainty will not bode well for the sentiment linked euro currency and a drawn out contested battle will boost safe haven currency units like the U.S. dollar (USD), Swiss franc (CHF) and Japanese yen (JPY).
Today, the world’s largest economy, the United States, will release their private ADP employment change. This is the prelude to Friday’s Labor Department’s non-farm payroll (NFP) release. The U.S. will also publish their final monthly services purchasing managers’ index (PMI) as well as monthly trade balance data.
The European Union is releasing final monthly services purchasing managers’ index (PMI) data. The Eurozone and Italy are scheduled to release their final services PMIs. The United Kingdom will release their final monthly services purchasing managers’ index (PMI) and Spain will publish their monthly unemployment change.
Daily Euro Currency Technical Analysis (EUR/USD)
Price action with the EUR/USD Forex market is quite telling. The sentiment linked euro currency is under pressure. The relative strength index (RSI) is near seventy (70) which is an overbought signal for this benchmark currency exchange rate.
With that said, the first upside barrier lines up at the one hundred (100) simple hourly moving average (SMA). This level lines up at 1.1760. A daily close above the 100 hour SMA will open the door to challenge the next layer of technical resistance in play at 1.1782. The next upside barrier lines up at 1.18.
A sustained close above 1.18 brings the 2 October high price point at 1.1864 into play. Then last month’s high price point at 1.880 comes on the radar.
On the downside the EUR/USD Forex market is trading below, at least for now, the congestion zone at 1.17 to 1.16950. The next downside barrier lines up at 1.1655, with a daily close below this level bringing 1.1610 then the key barrier of 1.16 into focus.
