Forex Marketz Daily Forex News – Fully Markets Update
Looking at the euro currency (EUR) on the above daily EUR/USD MT 4 price chart, the world most liquid currency exchange rate is opening the new week on the defensive.
The euro currency is being battered by coronavirus pandemic headlines as Germany, France and Austria have all announced new national lockdowns. The United Kingdom has also announced a new national lockdown. Covid-19 is also spiking in the United States but their economy remains open, thus supporting the safe have U.S. dollar (USD).
Today, the Eurozone will release their monthly Markit manufacturing purchase managers’ index (PMI). Germany, France, Spain and Italy will also publish their monthly Markit manufacturing purchase managers’ index (PMI). The United Kingdom and Canada are also releasing their monthly Markit manufacturing purchase managers’ index (PMI).
The United States will see the Institute for Supply Management (ISM) publish their monthly manufacturing purchase managers’ index (PMI). On Tuesday, the U.S. Presidential election as well as various Senate races will occur. This has been a heated, divided race for who will sit in the White House for the next four years.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the euro currency on the above MT 4 price chart, the EUR/USD Forex market is trading just below the short term twenty (20) day simple moving average (SMA). The technical indicators, like the 14 day relative strength index (RSI) and MACD histogram are trending lower and below their mid-lines. This indicates further weakness in this benchmark currency exchange rate.
With that said, while below the one 20 day SMA, Forex traders are eying support at the one hundred (100) day simple moving average. Price action is challenging the 100 day SMA now. Immediate downside support lines up at 1.1650, which is the weekly low price point.
The next downside barrier lines up a 1.1560 with the next layer of technical support in play at the March high price point at 1.1495.
On the flip side, the first layer of technical resistance lines up at 1.1730 with the round number of 1.18 then coming into focus. There is a risk off sentiment throughout the Forex world, making those upside barrier seemingly out of reach for the moment.
