Forex Marketz Daily Forex News – Fully Markets Update
The euro currency has moved lower since the Federal Reserve Board monthly policy meeting minutes showed a hawkish Federal Open Market Committee (FOMC). The EUR/USD currency exchange rate is trading around 1.2175 during the early Asian trade session on Thursday.
The euro currency has seen its biggest drop against the U.S. dollar this week in over a week since hitting a three month high price point. The EUR/USD Forex market had also been on a four day winning streak into Wednesday.
Today’s economic calendar is not as busy as yesterday. The United States will publish weekly jobs numbers. The Labor Department is releasing weekly initial and continuing jobless claims and after last month’s poor non-farm payroll, these numbers will be watch closely. The world’s largest economy is also publishing their monthly CB leading index and the monthly Philadelphia manufacturing index.
The European Union will publish their monthly currency account. The euro area’s largest economy, Germany, will publish monthly factory gate prices. This is also known as the producer price index. The United Kingdom will release monthly CBI industrial orders expectations. Canada will publish labor data as well. They are releasing their monthly ADP non-farm labor change during the North American trade session.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above daily MT 4 price action chart, the 14 day MACD histogram is sluggish and the euro currency has made multiple attempts to break above the February high price point. This could see the EUR/USD currency exchange rate challenging the April monthly high price point at 1.2150.
Initial key support lines up at the 21 day simple moving average and a rising seven trend line in play for seven weeks. This downside barrier is at 1.21. A daily close below 2.21 opens the door to challenge the downside barrier in play at 1.1985.
This would be a fresh monthly low price point if it happens. On the upside, a daily close above 1.22 opens the door for the double top in play at 1.2250. A break above the double top opens the door to challenge the yearly high price point in play at 1.2350.
