Forex Marketz Daily Forex News – Fully Markets Update
The euro currency is trying to mount a challenge of the fifty (50) day simple moving average while within a falling trend channel against the British pound.
The benchmark EUR/GBP Forex market has lost some of its gains made on Thursday and is trading around 0.86 as we head into Friday’s trade session.
On Friday, the United Kingdom has a busy docket. The UK will release their monthly gross domestic product data. The UK will also publish monthly industrial production data and monthly manufacturing numbers.
Also scheduled for release, Britain will release their 3M/3M index of services and monthly goods trade balance numbers. The euro area also has some economic data scheduled for publication. France and Italy are scheduled to release monthly industrial production numbers.
The United States has no economic data scheduled for release and Canada is publishing key labor data. The Great White North will release monthly their unemployment rate and employment change for June.
Daily Euro Currency Technical Analysis (EUR/GBP)
Looking at the above daily MT 4 price action chart, the 14 day MACD histogram is below the midline and signaling neutral price direction for the EUR/GBP Forex market. The euro currency has been under selling pressure since the high price point at 0.8720 set last April.
While the euro currency is trading below the 50 day simple moving average, the downside barrier lining up at 0.86 could come into the picture.
The next layer of technical support lines up at 0.8575 with the key horizontal support level at 0.8560 coming up next. The next downside barrier lines up at 0.8540.
On the upside, the 50 day simple moving average lines up as near term technical resistance. The next upside barrier lines up at 0.8615 with the upside barrier of the falling trend channel then coming into play.
The next layer of technical resistance lines up at 0.8625 before the 10 June high of 0.8642 comes into focus.
