Forex Marketz Daily Forex News – Fully Markets Update
Looking at the euro currency (EUR) on the above four (4) hour MT 4 price action chart, the world’s most liquid currency exchange rate, the EUR/USD, is trading around 1.2145. This Forex market rallied 0.45 percent on Thursday which ended a four day losing streak.
Forex traders are watching the ongoing Brexit saga as the United Kingdom and European Union try to complete a trade agreement before Britain leaves the euro area for good on 31 December. The latest headlines show that both sides will try and agree to a free trade agreement by Sunday 13 December.
The Prime Minister of the United Kingdom, Mr. Boris Johnson, has said that Britain should prepare for the strong possibility that the United Kingdom will exit the Eurozone with no free trade agreement in place at the end of the year.
Forex traders are also watching the continuing spike in coronavirus pandemic cases (Covid-19) throughout the United States. This alarming rise in new cases has caused various states like California to reissue strict lockdown and mask wearing orders. Also, the election drama continues as Trump supporters, in vain, to overturn the election.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above EUR/USD price action chart, the euro is now trading at the upper band of a falling price channel that connects the trend lines of the 4 and 7 December high price points and the 7 and 8 December low price points.
A daily close above this price channel could confirm a bullish breakout for this key Forex market. The rally from the 30 November low price point at 1.1920 would be back in play as traders look to challenge the key psychological upside barrier lining up at 1.22.
On the downside, the former upside barrier, now technical layer of support at the September monthly high price point would be the first level to watch. This technical support level is at 1.2014.
