Forex Marketz Daily Forex News – Fully Markets Update
Euro currency bulls cheered the dismal monthly U.S. non-farm payroll report. The benchmark EUR/USD currency exchange rate held onto solid weekly gains closing the week near 1.19. This Forex market closed near the 30 July high price point at 1.1908.
Currency traders should also note that the euro currency is above the bearish looking short-term twenty (20) day simple moving average and the longer term one hundred and two hundred (100, 200) day simple moving averages converge near 1.1570.
On Friday, the United States monthly non-farm payroll (NFP) report was quite dismal. The U.S. economy added only 235,000 new jobs in August. This was well below the median expected gain of 750,000 jobs for August. The monthly unemployment rate fell to 5.2 percent.
This was as expected. The August labor force participation rate was flat at 61.7 percent. The economic calendar for Monday is quiet. The financial markets in the United States are closed for the Labor Day holiday.
The euro area economic calendar does have some volatile events scheduled. Germany will publish monthly factory orders and their construction purchasing managers’ index (PMI). The Eurozone economic finance meeting will take place. In the United Kingdom, BRC like for like retail sales numbers will be published and the UK will also publish their monthly construction purchasing managers’ index.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above EUR/USD daily MT 4 daily price action chart, the 100 day simple moving average looks to have a bullish slope. The technical indicators are recovering from negative levels but do not clearly indicate more gains for the EUR/USD Forex market.
The single currency has looked bullish for six trade days in a row and is well above the 20 day simple moving average. The 20 day simple moving average is slowly turning higher. However, this Forex market trades below the 100, 200 day simple moving averages. The 100 day simple moving averages is near 1.1950.
A daily close above 1.1950 opens the door for the key psychological level of 1.20 with 1.2060 then coming into play. The next upside barrier lines up at 1.2070. On the downside, technical support lines up at 1.1820. The next layer of support lines up at 1.1750.
