Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark EUR/USD Forex market and above daily MT 4 chart, the euro currency (EUR) is trading in a narrow range of about 100 to 105 pips.
Overnight, the euro formed a candle with long wicks, on the upper side. This is s signal of trader indecision.
The Trump Whitehouse has finally given the okay to release funds to the Biden transition team. The outgoing president has yet to concede to defeat but President-elect Joe Biden has chosen Anthony Blinken as his Secretary of State and former Fed Chair Janet Yellen as his Secretary of Treasury.
The economic calendar is fairly quiet out of the European Union. The euro area has no key macroeconomic data releases today. The United States will publish their monthly CB consumer confidence index as well as the monthly Richmond manufacturing index.
The U.S, is also publishing monthly housing price index (HPI) data. The United Kingdom will release their monthly CBI realized sales index. Canada has no economic data scheduled for release but Bank of Canada Governing Council member Wilkins is giving a speech.
Daily Euro Currency Technical Analysis (EUR/USD)
As mentioned above the above EUR/USD price chart has formed an indecisive candlestick pattern as Forex traders are not willing to jump in and take large position ahead of the American Thanksgiving Day holiday, which is Thursday. As long as this key Forex market trades within the range 1.18 to 1.1905, the outlook will remain neutral.
With that said, a daily close above 1.1905 will open the door for the bulls to enter this currency exchange rate. The next upside barrier would then line up at 1.2010 with 1.2012 coming into play as well.
A daily close below the downside barrier ay 1.18 will bring the bears into the EUR/USD exchange rate. In this scenario the next downside barrier lines up at the 4 November low price point at 1.1602.
