Forex Marketz Daily Forex News – Fully Markets Update
The euro currency is trading between two Fibonacci levels with the 23.6 percent Fibonacci level acting as support. Also, the EUR/USD Forex market is trading above the twenty (20) day simple moving average and below the downward sloping one hundred and two hundred (100, 200) day simple moving averages.
The economic calendar, for Monday, will feature key sentiment surveys from the Ifo economic institute. The Ifo will publish their monthly German business climate survey and their current assessment survey for Germany.
The United States will publish the monthly Chicago Federal Reserve national activity index and the Dallas Federal Reserve will release their monthly manufacturing index survey. The United Kingdom’s economic calendar has key economic releases scheduled for Monday.
Daily Euro Currency Technical Analysis
Looking at the above daily MT4 price action chart, as mentioned above, the euro currency has found support at the 23.6 percent Fibonacci level and the short-term 20 day simple moving average. Last week, the EUR/USD currency exchange rate saw a high price point of 1.1670 around the 38.2 percent Fibonacci level.
The euro currency then fell lower towards the 23.6 percent Fibonacci level where it found some support. The 20 day simple moving average also looks bearish and the technical indicators, the 14 day relative strength index (RSI) and the MACD histogram while trending higher are directionless.
There is immediate technical support lining up at the 23.6 percent Fibonacci level near 1.1615. The 20 day simple moving average is just below this level. A daily close below the 20 day simple moving average opens the door for the yearly low price level at 1.1523 with the key static support level at 1.1470 then coming into play.
On the upside, a sustained close above 1.1670 should open the door for the EUR/USD currency exchange rate to challenge 1.1720 with the technical resistance of 1.1840 the coming into focus next.
