Forex Marketz Daily Forex News – Fully Markets Update
Looking at the world’s most liquid currency exchange rate, the euro currency (EUR) is trading in a very narrow trade range against the U.S. dollar.
Looking at the above hourly MT 4 chart, the EUR/USD Forex market is consolidating in an ever narrowing symmetrical triangle pattern.
The economic calendar for Wednesday is fairly quiet. The European Union calendar has no macroeconomic releases scheduled. This could cause the euro currency to drift a bit today until Wall Street opens. The United States has monthly durable goods orders scheduled to be released today. This includes the core and headline number. The world’s largest economy will also release weekly crude oil inventory levels.
The United Kingdom’s calendar will feature Bank of England commentary. Monetary Policy Committee (MPC) member Haldane will be delivering remarks. In Canada, Bank of Canada (BOC) monetary policy member Wilkins is speaking today during the North American trade session.
Daily Euro Technical Analysis (EUR/USD)
Looking at price action on the above chart, the euro is trading near the top of a symmetrical triangle. The descending trend line, top of the triangle, comes into play at 1.1842. A daily close above the triangle pattern will open the door to challenge the next upside barrier in play at 1.1833.
Forex traders should also note the 14 day relative strength index (RSI). This technical indicator has moved below an ascending trend line which signals indecision. The MACD histogram is also moving below fifty (50) as the trend is signalling bearish.
With that said, the EUR/USD currency exchange rate notes the first downside barrier in play at 1.1805. A daily close below this first downside barrier will confirm the continuation of the fall from the 18 August high price point lining up at 1.1965. A sustained close below 1.1805 will shift focus towards the downside barrier that lines up at the 12 August low price point at 1.1710.
