Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark EUR/USD currency exchange rate, the euro currency is trying to gain ground after Forex traders successfully defended the one hundred (100) day simple moving average on the above MT 4 price action chart
Forex traders should note the appearance of a long tail green candlestick being highlighted on the above EUR/USD Forex chart. This is a sign of a falloff in demand for the euro currency.
The economic calendar will feature key labor data out of the United States. The private monthly ADP non-farm payroll change is scheduled for release. The United States is also publishing their final monthly services purchasing managers’ index (PMI) and the Federal Reserve will release their Beige Book.
The euro area is publishing their final monthly services purchasing managers’ index and Italy will also publish their monthly services PMI today. The United Kingdom is releasing their final monthly services purchasing managers’ index, as well.
The $1.9 trillion coronavirus pandemic fiscal stimulus package is now being debated by the U.S. Senate. Senate Minority Leader Mitch McConnell says that the Republican GOP will do everything they can to fight it. President Joe Biden is urging Senate Democrats to remain united and pass this bill as fast as possible.
Senator McConnell called the sprawling package “wildly expensive.” He warned that the GOP Party will oppose this fiscal plan “”in every way that we can.” He added that “it is my hope that at the end, Senate Republicans will unanimously oppose it just like House Republicans did.”
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at price action, the EUR/USD Forex market notes immediate upside resistance in play at the fifty (50) day simple moving average. This level is at 1.2140/39.
The next upside barrier lines up at the 25 February high price point at 1.2243.
On the downside, immediate support lines up at the 100 day simple moving average at 1.2025/24. A daily close below this level could bring the EUR/USD bears back targeting the technical support 1.20.
