Forex Marketz Daily Forex News – Fully Markets Update
The euro currency is trading weaker against the U.S. dollar headed into Tuesday trade session. The benchmark EUR/USD currency exchange rate saw a corrective pullback on Monday and looks to extend some losses. This key Forex market is trading around 1.1775 to 1.17580 during the Asian trade session.
The economic calendar picks up a bit on Tuesday. The euro area will publish their flash quarterly gross domestic product (GDP). The world’s largest economy, the United States, is releasing their monthly core and headline retail sales numbers.
The U.S. is also publishing monthly industrial production and business inventory data. NAHB is releasing monthly housing numbers.
The United Kingdom is publishing key labor numbers. This labor force data includes their monthly claimant count change. Monthly unemployment rate and three month average hourly earnings.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above daily MT 4 price action chart, the EUR/USD currency exchange rate found some support near 1.1768 but has not found the strength to extend gains. The momentum indicator (MACD) is losing its bullish bias as the euro looks ready to extend losses.
The euro is also trading below the one hundred and two hundred (100, 200) hour simple moving averages. With that said, there is a one week old rising trend line as immediate technical support. This downside barrier lines up at 1.1750.
The yearly low price point is in focus at 1.17. A sustained close below the psychological level of 1.17 opens the door for the late 2020 low price point that comes into play at 1.16 next.
On the upside, the 100 and 200 hour simple moving averages provide upside barriers. These upside levels line up at 1.1805 and 1.1815 respectively.
A sustained close above the 100 and 200 hour simple moving averages opens the door for a possible change of the July high price point at 1.1910.
