Forex Marketz Daily Forex News – Fully Markets Update
The euro currency is struggling to extend yesterday’s gains seen after the weaker than expected core consumer price index (CPI) number. The benchmark EUR/USD currency exchange rate is trading quietly near 1.1745 during the Asian trade session.
This week, the euro fell to its lowest price point since March. The EUR/USD Forex market then recovered from the March and yearly bottom on Wednesday. The trend line support provided good cushion for a corrective bounce higher. This rising trend line has been in play since early July.
We note a fairly active economic calendar on Thursday. During the European trade session, the euro area will publish monthly industrial production numbers and Italy will release their monthly trade balance.
The United Kingdom is releasing monthly and quarterly gross domestic product (GDP) numbers. The UK will also publish monthly 3M/3M index of services, industrial production as well as their monthly manufacturing data.
The United States is publishing weekly initial and continuing jobless claims from the Labor Department. The U.S. will also publish monthly core and headline producer price indices (PPI) numbers.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above EUR/USD price action chart, the MACD momentum indicator is looking positive. There are multiple upside barrier in view as well as the one hundred (100) day simple moving average that should challenge euro currency buyers.
On the upside there is a multi-week old congestion zone lining up at 1.1750 to 1.1755. There then a key horizontal layer of technical resistance in play at 1.1770. A daily close above 1.1770 opens the door to challenge the next layer of technical resistance at the one hundred day simple moving average. This level is at 1.1810.
On the downside, there is a congestion zone lining up at 1.1725 to 1.1720. The year low price point lines up at 1.17 with the next key downside level at 1.16 then coming into focus.
