Forex Marketz Daily Forex News – Fully Markets Update
The euro currency is picking up a bid against the U.S. dollar as we head into Friday’s trade session. The benchmark EUR/USD currency trade rate is trading above 1.1780 as prices consolidate below the one hundred (100) hour simple moving average.
This Forex market is also bouncing higher from a short term falling trend line.
The euro currency is also trading within a month old falling wedge chart pattern. A falling wedge is typically a bullish pattern on a price action chart.
Today’s economic calendar is all about flash purchasing managers’ indices (PMI). Germany will release their monthly flash manufacturing and services purchasing managers’ indices (PMI).
France is also scheduled to publish their monthly flash manufacturing and services purchasing managers’ indices. The Eurozone will also release their monthly flash manufacturing and services purchasing managers’ indices.
The United States is also scheduled to publish their monthly flash manufacturing and services purchasing managers’ indices. The United Kingdom will release their monthly Gfk consumer confidence index as well as monthly retail sales.
The UK will also publish their monthly flash manufacturing and services purchasing managers’ indices as will Canada. Canada is also publishing monthly retail sales numbers.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above four (4) hour MT 4 price action chart, MACD momentum indicator is looking positive. However, the euro currency has failed multiple attempts to break above the 100 hour simple moving average. This upside barrier lines up around 1.1825.
The EUR/USD Forex market has immediate resistance at 1.18. The upper barrier of the falling wedge is the next layer of technical resistance. This level is at 1.1810. A daily close above 1.1825 will open the door to challenge the key and psychological level lining up at 1.20.
On the downside, the lower level of the falling wedge is at 1.1725. The next downside barrier comes into play at 1.17 with the late 2020 price point at 1.16 then coming into focus.
