Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark EUR/USD currency exchange rate, the euro currency has fallen below 1.2080 towards 1.2070 during the Asian trade session on Tuesday.
There is not a lot of economic data on the calendar today ahead of tomorrow’s monetary policy and rate decision from the U.S. Federal Reserve Board (Fed).
The United States will publish their monthly CB consumer confidence gauge as well as monthly housing data. The Richmond Federal Reserve will publish their monthly manufacturing index.
There is nothing of note on the European Union’s economic calendar no on Canada’s economic calendar. The United Kingdom will release the monthly private CBI realized sales data. Euro currency traders will monitor coronavirus (Covid-19) related headlines. Overnight, the European Union announced that they will take legal action against Britain’s AstraZeneca over supply issues.
Daily Euro Currency Technical Analysis (EUR/USD)
Getting back to price action on the above one hour EUR/USD MT 4 price action chart, the momentum indicator, or MACD histogram is moving into bearish territory.
The euro currency has failed to maintain momentum against the U.S. dollar near a multi-day high price point. This could lead to consolidation in this key Forex market.
The EUR/USD is currently challenging a key downside congestion area at 1.2075 to 1.2070. A daily close below the technical support at 1.2070 opens the door to challenge the upward sloping trend line in play since 19 April.
The two hundred (200) hour simple moving average is also in this area. These technical downside barriers line up at 1.2040 and 1.2025, respectively.
On the upside, a break above, on a daily closing basis, of 1.21 opens the door to challenge the next upside technical barrier lining up at 1.2120.
A break above 1.2120 opens the door to challenge the key technical level in play at 1.22. The next layer of technical resistance lines up at the February high price point at 1.2245.
