Forex Marketz Daily Forex News – Fully Markets Update
The euro currency is holding above a key weekly support area near the key technical support lining up at 1.20. The benchmark EUR/USD currency exchange rate is also challenging a falling short-term trend line during the early Asian trade session.
Today’s economic calendar is quite busy. All eyes will be on the Bank of England (BOE). Britain’s central bank will announce monetary policy and interest rates today. This includes the Bank of England’s monthly asset purchases. The Bank of England is not expected to make any big moves. They will also hold a press conference and release their quarterly economic forecasts.
The euro area will publish monthly retail sales and Germany will release their monthly factory orders. The United States has labor data on the calendar. This includes weekly initial and continuing jobless claims from the Labor Department and the monthly Challenger jobs cuts.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the daily technical analysis on the above four hour EUR/USD price action chart, the MACD momentum indicator is signaling a bearish price trend. However, the euro currency has been holding above a key weekly support level near 1.20.
The euro is challenging a falling trend line and upside barrier lining up at 1.2010. Still, while below the one hundred hour (100) simple moving average, sellers remain hopeful for more declines in the EUR/USD Forex market.
On the upside, there is first upside resistance lining up at 1.2055 with the congestion area in play at 1.2075 to 1.2080 coming into play next. Thee 100 hour simple moving average lines up at 1.2040. The next upside barrier lines up at 1.21 with the monthly high price point to 1.2150 coming into focus.
A daily close below 1.20 brings 1.1990 into play. The next layer of technical support lines up at 1.1950 with thee 200 hour simple moving average at 1.1930 being the next support level.
