The euro currency bulls are taking a breather during the early Asian trade session on Wednesday. Looking at the benchmark EUR/USD currency exchange rate on the above hourly MT 4 price action chart, there is choppy price action between 1.22 and 1.2210.
The euro currency (EUR) is stuck between the one hundred and two hundred (100, 200) exponential moving averages. This comes after breaking above a downward sloping trend line in play since last Thursday.
There is some events on today’s economic calendar to watch. The United States is publishing monthly consumer price index (CPI). This is both the core and headline number. The European Union will publish monthly industrial production data. Italy will also release their monthly industrial production figure as well.
President Donald Trump says his words that led to last week’s violent riot and coup attempt were “totally appropriate.” He warned that he has “zero risk” of the 25th Amendment and that incoming President-elect Joe Biden should be careful.
Vice President Mike Pence says that he will not use the 25th Amendment to remove Trump. Congress will likely move ahead with impeachment proceedings.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above EUR/USD Forex price action chart, the euro has managed to stay above the short term downward sloping trend line and is trading between the 100 and 200 hour exponential moving averages. The first upside barrier to watch lines up at the 200 hour EMA at 1.2225.
A daily close above 1.2225 opens the door to challenge the upside barrier at 1.2285. The next layer of technical resistance lines up at 1.23.
On the downside, the first layer of technical support lines up at 1.2195 with the monthly low price point at 1.2130 then come into focus. A sustained close below 1.2130 will bring up the downside barrier at 1.2060 the September 2020 high price point at 1.2010.