Forex Marketz Daily Forex News – Fully Markets Update
The euro currency remains depressed against the almighty U.S. dollar headed into Tuesday. The benchmark EUR/USD currency exchange rate is trading below 1.18 and at its lowest price point since April.
The euro currency is also trading within a bullish chart pattern seen on the above daily chart. This is a falling wedge as the EUR/USD Forex market has fallen for three days in a row. Traders are now mounting a challenge of a key rising trend line in play since November.
Looking at the economic calendar, Germany is publishing monthly producer price index (PPI) data. The European Union is releasing their current account. The United States is publishing monthly housing data. The world’s largest economy will June’s housing starts and building permits.
Switzerland will publish monthly trade data. The United Kingdom and Canada have no economic data schedule for release today.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above daily MT 4 price action chart, the 14 day MACD histogram is looking negative. This is a possible good sign for euro currency bears as the EUR/USD Forex market continues along the path of least resistance which is lower.
With that said, a daily close below the above mentioned support line in play at 1.1765 opens the door to challenge the bottom of the descending wedge pattern. This level of technical support at 1.1730.
The next level of technical support comes into play at the yearly low price point at 1.17. Any sustained close below 1.17 opens the door for the November 2020 low price level at 1.16.
On the upside, a daily close above the upper barrier of the falling wedge pattern at 1.1835 will open the door to challenge the two hundred (200) day simple moving average at 1.2005.
The next upside barrier lines up at 1.2050 with the key level of technical resistance at 1.21 then coming into focus.
