Forex Marketz Daily Forex News – Fully Markets Update
Looking at the euro currency and the benchmark EUR/GBP currency exchange rate on the above four (4) hour MT 4 price chart, this Forex market has fallen below 0.8960 as momentum has faded during the early Asian trade session.
This is the first full day of trading for the euro currency (EUR) as well as the British pound (GBP) since the United Kingdom exited the European Union on 31 December, 2020. Brexit ended with a narrow trade agreement in place and the United Kingdom has finalized their divorce from the European Union.
Forex traders, today will be paying close attention to coronavirus news as the new “mutant” strain continues to spread and Covid-19 vaccines are still being rolled out.
The European Union will release their monthly purchasing managers’ index (PMI). The Eurozone’s third largest country, Spain, will as well. The United Kingdom is publishing monthly mortgage approvals and money supply numbers for the month.
The United States is publishing final monthly purchasing managers’ index (PMI) data as well as monthly construction data. Federal Open Market Committee (FOMC) member Charles Evans is giving remarks on Monday.
Daily Euro Currency Technical Analysis (EUR/GBP)
Looking at price action on the above EUR/GBP Forex price chart, the euro currency started 2021 by gapping higher, but the MACD histogram is signaling a bearish price trend signal as this benchmark Forex market started falling lower.
With that said, price action could swing in favor of the bulls with a daily close above 0.9040. The bears should stay in control with a daily close below 0.8930.
The first downside barrier lines up at 0.8930. If this layer holds the two hundred (200) hour simple moving average at 0.9017 comes into focus. The next layer of resistance lines up at the December 2020 high price point at 0.9230.
A sustained close below 0.8930 opens the door towards the round number at 0.89 then the November 2020 low price point at 0.8860 comes into focus next.
