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 currency exchange rate is trading around 1.2150.
The euro currency is still unable to break above the 4 December high price point that lines up at 1.2177 as traders are waiting for the next catalyst. Forex traders are watching headlines out of the United States as the Electoral College has confirmed that President-elect Joe Biden has officially won the election.
Several top Republicans have backed the result and are rejecting any further talk of overturning the results of the election. A few Trump loyalists remain committed to overturning the election.
Today’s economic calendar is fairly light. Traders will look at the monthly Empire State manufacturing index as well as monthly import prices out of the United States. The world’s largest economy is also releasing their monthly import prices. The United Kingdom will publish monthly labor data. This includes the claimant change, average earnings change and monthly unemployment rate.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above EUR/USD price chart, there is a confirmed double top near 1.2177/78. The euro notes the neckline support in play at 1.2060. A daily close below the neckline support would signal a bearish shift for price action shifting focus towards the downside barrier lining up at 1.1940.
On the upside, this benchmark Forex market needs to close above the double top to continue inching higher. In this case, the next layer of technical resistance lines up at 1.2208 with the next upside barrier then coming into play at 1.2240.
Forex traders should note that the EUR/USD currency exchange rate has gained well over 500 pips for the month of November. This is despite the resurgence of the coronavirus pandemic (Covid-19) in the European Union and a very dovish European Central Bank (ECB).
The largest euro area economy, Germany, tomorrow, will enter a hard national lockdown to contain the pandemic’s second wave.
