Forex Marketz Daily Forex News – Fully Markets Update
The euro currency is trading in a tight band against the U.S. dollar during the early Asian trade session on Tuesday. The headline EUR/USD Forex market is trading around the two hundred (200) hour simple moving average and 1.1920 to 1.1925.
The above mentioned 200 hour simple moving average is capping the EUR/USD currency exchange rate as the euro is trying to extend the recovery from 1.1901.
Today’s economic calendar is fairly quiet. On the Eurozone’s economic calendar, Spain will publish their monthly flash consumer price index (CPI). The world’s largest economy, the United States will feature the Conference Board’s (CB) monthly consumer confidence index. The U.S. is also releasing monthly housing price index (HPI) data.
The United Kingdom will publish their monthly Nationwide housing price index as well as monthly mortgage approvals and net lending to individuals (month to month).
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above hourly EUR/USD MT 4 price action chart, the euro is trading below the 200 hour simple moving average as well as a falling trend line in play since 11 June. The relative strength index (RSI) is also looking normal and positive which is keeping the bulls hopeful of more gains for the EUR/USD Forex market.
On the downside, a daily close below 1.19 will open the door to challenge the monthly low price point that lines up at 1.1845. This is also the April low price point. There is also a downside barrier lining up at 1.1880. This is the March low price point.
A daily close above the 200 hour simple moving average in play around 1.1930/31 will open the door for the EUR/USD bulls to challenge the upside barrier in play at 1.1970. The next upside barrier lines up at Friday’s high price point at 1.1975. The next layer of technical resistance is in play at 1.20.
