Forex Marketz Daily Forex News – Fully Markets Update
The euro currency is wallowing at a falling short term trend line against the British pound. The benchmark EUR/GBP currency exchange rate is trading below the two hundred (200) hour simple moving average and near 0.8560 during the early Asian trade session on Tuesday.
On Monday, the euro was unable to break above 0.8599/0.86 and reversed lower. Currently the falling trend line from 10 June and the above mentioned 200 hour simple moving average are capping meaningful gains in the EUR/GBP Forex market.
The economic calendar for Tuesday is not very busy. The calm before the storm before tomorrow’s slew of flash manufacturing purchasing managers’ indices (PMI) and Thursday’s Bank of England monetary policy and interest rate decision.
CBI will be publishing consumer industrial order expectations for the United Kingdom. The UK will also publish monthly public sector net borrowing. The euro area is releasing monthly consumer confidence data.
The world’s largest economy, the United States is publishing monthly existing home sales data and the Richmond Federal Reserve branch will publish monthly manufacturing data. Canada has nothing on their economic calendar today.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above hourly EUR/GBP MT 4 price action chart, the relative strength index (RSI) is moving higher from thirty (30) but still below the mid-line. The sellers could still have some strength left.
While below 0.8590 the euro currency looks weak and could challenge the downside barrier at 0.8568. A daily close below 0.8568 could challenge the downside barrier in play at 0.8540.
On the upside, if the EUR/GBP Forex market breaks above 0.86, the next upside barrier comes into play at the 200 hour simple moving average.
The next layer of technical resistance lines up at 0.8610. The next upside barrier lines up at 0.8630 with the monthly high price point at 0.8645 then coming into play.
