Forex Marketz Daily Forex News – Fully Markets Update
The euro currency has jumped higher against the almighty U.S. dollar. As trading begins on Friday, the EUR/USD currency exchange rate is meeting some resistance near the fifty (50) percent Fibonacci level as upside price momentum loses some steam near 1.1680.
The European Central Bank left monetary policy and interest rates the same on Thursday. The ECB also cooled off bets for a rate increase next year. Friday’s economic calendar is quite busy in the euro area. The Eurozone, Germany, France, Italy and other European Union member nations will be publishing their quarterly gross domestic product (GDP).
Also on the schedule will be consumer price indices for the Eurozone and other member states in the single currency and trade bloc. The United Kingdom will publish monthly housing price index (HPI) data from Nationwide.
The United States is releasing the Federal Reserve’s preferred measure of inflation. This is the core and headline monthly PCE inflator. The University of Michigan will publish their monthly consumer sentiment index and weekly Baker Hughes crude oil numbers will be published.
Daily Euro Currency Technical Report
Looking at the above daily MT 4 price chart, the euro currency saw its largest daily gain on Thursday since May rising to a monthly high price point. The 14 day MACD histogram and relative strength index (RSI) look positive for EUR/USD Forex market bulls.
A daily close above the 50 day simple moving average around 1.1690 and top of the rising trend channel near 1.17 could continue the gains. The 50 percent Fibonacci level lines up at 1.1720 and the 61.8 percent Fibonacci level comes into play near 1.1760.
On the downside, the single currency notes this month’s previous high price level at 1.1670 as immediate support. The next downside barrier lines up at 1.1630 with the short-term 21 day simple moving average around 1.1630 then coming into play. The next downside barrier comes into focus at 1.1585.
