Forex Marketz Daily Forex News – Fully Markets Update
Looking at the world’s most liquid currency exchange rate, the EUR/USD, on the above daily MT 4 price chart, the euro currency (EUR) is trading around the key upside barrier in play at 1.1915. This Forex market has formed an indecisive Doji candlestick pattern as traders hesitate which direction to go in on the last day of the week.
AstraZeneca has reported some problems with production that might have influenced their data concerning a coronavirus (Covid-19) vaccine. In political news, outgoing President Donald Trump, who lost the 3 November election to Democratic rival President-elect Joe Biden, says it will be very “difficult” for him to concede defeat should the Electoral College award Biden the win.
President Donald Trump say she will leave office if he officially loses in January. However, he continues to attack the very core of American democracy with baseless allegations of a rigged and stolen election.
As far as economic data is concerned, the Eurozone will release monthly consumer confidence data today. The euro area will also publish monthly economic sentiment data and France will publish their final look at quarterly gross domestic product (GDP) data.
France will also release monthly inflation data (annual). Germany is publishing monthly import prices and Spain will release monthly retail sales data.
The United States, whose financial markets were closed on Thursday for Thanksgiving will open today for half a day. The United Kingdom and Canada have no major economic data releases today.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the euro currency on the above daily chart, a Doji candlestick, with long upper wicks and a small body, has formed. This alone is not a key signal of price action but does point to indecisive trader sentiment. The euro is trading just below 1.1915 during the Asian trade session on Friday.
With that said, a daily close above the Doji’s high and technical resistance level at 1.1915 will continue the recovery from 1.18. The next upside barrier lines up at 1.1940 with 1.1970 then coming into focus.
On the downside, a daily close below Thursday’s low price point at 1.1885 will open the door to challenge the technical support level in play at 1.1858. The next layer of technical support lines up at 1.1830.
