Forex Marketz Daily Forex News – Fully Markets Update
The euro currency remains under pressure and trading below 0.8595 against the British pound. The benchmark EUR/GBP currency exchange rate failed to cross above a month old resistance line on Tuesday.
The euro currency is also trading below the two hundred (200) hour simple moving average and challenging a rising trend line in play from 24 June. That downside barrier lines up at 0.8588/7.
Today, the euro area will release their initial monthly core and headline flash consumer price index (CPI). Italy is also publishing their monthly core and headline flash consumer price index. Germany will release their monthly employment change and France will publish their monthly consumer spending.
The United Kingdom is releasing the monthly BRC shop index as well as final quarterly gross domestic product (GDP) numbers. The United States will feature the monthly ADP non-farm employment change as well as the monthly Chicago purchasing managers’ index (PMI). The U.S. is also publishing monthly pending housing sales data. Switzerland will release their monthly KOF economic barometer.
Daily Euro Currency Technical Analysis (EUR/GBP)
Looking at the above EUR/GBP four hour MT 4 price action chart, the MACD histogram looks negative. While below the 200 hour simple moving average and above mentioned monthly resistance line, the euro currency looks poised for more possible losses.
Initial technical support lines up at rising trend line at 0.8588/87. A daily close below this level opens the door to challenge the monthly low price point in play at 0.8530. The June low price point 0.8570 then comes into play with 0.8565 coming into focus next.
On the upside, a daily close above the 200 hour simple moving average in play near 0.86 opens the door for the falling trend line in play since late May. This layer of technical resistance lines up 0.8610. A sustained close above 0.8610 opens the door to challenge the monthly high price level that lines up at 0.8645.
