Forex Marketz Daily Forex News – Fully Markets Update
The euro currency remains pressured lower against the almighty U.S. dollar. The benchmark EUR/USD currency exchange rate is holding just below the April monthly low price point at 1.1780 during Wednesday’s Asian trade session.
Overnight after the U.S. consumer price index (CPI) for June accelerated higher, the EUR/USD Forex market saw its largest daily drop since mid-June.
Today, Germany will publish monthly industrial production numbers. The United States is releasing June’s headline and core producer price index (PPI). The PPI is also known as factory gate prices. The U.S. Federal Reserve Board will publish their Beige Book and the U.S. weekly crude oil inventory levels.
The United Kingdom is publishing their monthly core and headline producer price index as well as their monthly housing price index (CPI). The United Kingdom is also releasing their monthly core and headline consumer price index (CPI).
Canada’s central bank, the Bank of Canada (BOC), will announce their monetary policy and interest rate decision. The Bank of Canada will also release their monetary policy statement and hold a press conference.
Daily Euro Currency Technical Analysis
Looking at the above EUR/USD daily MT 4 price index, the 14 day relative strength index (RSI) is signaling oversold as the euro currency is challenging a rising trend line in play since November. This downside barrier is in play at 1.1760.
On the upside, the euro currency has technical resistance lining up at 1.18. A daily close above this level opens the door to challenge 1.1865. The next upside barrier lines up at the June high price point at 1.1965. The two hundred (200) day simple moving average (SMA) comes into play at 1.2010.
Looking lower, the euro currency has technical support at 1.1760. The next downside barrier comes into play at the year low price point at 1.1705. The next layer of technical support lines up at 1.17 with the 2020 low price point at 1.16 then coming into play.
