Forex Marketz Daily Forex News – Fully Markets Update
Looking at the world’s most liquid currency exchange rate, the euro currency (EUR) on the above daily MT 4 chart, continues to look in control in the EUR/USD Forex market.
The euro currency is still trading above the short term twenty (20) day simple moving average (SMA) which is still trending slightly higher. The euro is also well above the one hundred and two hundred (100, 200) day simple moving averages. Both are also showing ascending slopes.
Looking at Monday’s economic calendar, Germany will release key private monthly IFO business climate indices. This includes the monthly German IFO business expectations index. The United States is publishing monthly housing sales data.
The Dallas Federal Reserve branch will publish their monthly manufacturing business index. There is also weekly short term Treasury note auctions on the schedule. The United Kingdom has no economic data scheduled to be released.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above daily EUR/USD MT 4 price chart, the technical indicators, including the 14 day MACD histogram and the 14 day relative strength index (RSI) are not indicating any directional strength when it comes to price action or trend. They are both still in the positive areas.
With that said, the daily chart is rather neutral to start the week off, even though price action remains above the key simple moving averages. Even above the 20 day simple moving average there is no strong price action cues for Forex traders to take hold of. On the downside, the first layer of technical support lines up at 1.1760.
A daily close below this level brings focus on the downside barrier that lines up at 1.1680. The next downside technical level lines up at the September monthly low price point lining up at 1.1611/10.
On the upside, the first layer of technical resistance to watch lines up at 1.1880. The next upside barrier is at a congestion zone in play at 1.1940 to 1.1950. A sustained close above this congestion zone will shift focus towards 1.20.
