Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark EUR/GBP currency exchange rate, the euro currency has been falling lower from weekly high price points since Thursday.
Trader sentiment has soured and this Forex market has fallen from 0.8645 and is now trading below the ten and 20 day simple moving averages as noted on the above daily MT 4 price action chart.
The euro currency had seen four days of gains come to an end against the British pound. The EUR/USD currency exchange rate has also fallen lower as sentiment in the global euro exchange rate markets has taken a turn for the worse and the single currency is being broadly sold as we head into the weekend.
The United Kingdom has taken a willing to talk tone with the European Union over the coronavirus vaccine and how to distribute it better. This has helped the British pound. European Union leaders are meeting to discuss how to better vaccinate their citizens but export controls.
The European Union has been having major supply issues and has been slow to vaccinate. Several European nations have also extended coronavirus lockdowns and restriction until May.
Daily Euro Currency Technical Analysis (EUR/GBP)
Looking at price action, the EUR/GBP currency exchange rate is now below the 20 day simple moving average. This would be the first upside barrier to watch at 0.86.
The Tuesday high price point at 0.8645 would be the next barrier to watch. The former support now upside barrier at 0.8590 is another key level.
While below the key short-term simple daily moving averages, this Forex market remains skewed to the downside. While below 0.8650, the next downside barrier lines up at 0.8630 with key layers of technical support then coming into play.
If the EUR/GBP currency exchange rate continues lower the 9, 10 and 11 March low price points then come into focus. These downside barrier line up at 0.8545 and 0.8550.
