Forex Marketz Daily Forex News – Fully Markets Update
The euro currency is trading within a narrow twenty (20) pip range ahead of key economic data and tomorrow’s Federal Reserve Board’s monetary policy and rate decision.
The EUR/USD currency exchange rate is trading around 1.2120 during a quiet Asian trade session on Tuesday. With that said, this benchmark Forex market is having difficulty extending yesterday’s recovery.
On today’s economic calendar, the euro area’s largest economy, Germany, will publish final monthly consumer price index (CPI) data. The Eurozone is releasing their monthly trade balance.
The United States will release monthly core and headline retail sales data. The U.S. is also publishing monthly factory gate prices, also called the producer price index.
NAHB will release U.S. housing data. The United Kingdom will release their monthly unemployment rate, claimant count change and average hourly earnings (3M/3M). Canada is publishing monthly housing starts data.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at price action on the above daily MT 4 chart, the 14 day MACD histogram is looking bearish and the EUR/USD Forex market is still trading below key trend lines.
A corrective recovery for the euro currency has immediate technical resistance lining up at 1.2125. A daily close above this level opens the door to challenge the upside barrier lining up at 1.2140.
The next layer of technical resistance then lines up at 1.22. Trend line resistance, from a downward sloping trend line in play since 25 May, comes into play at 1.2205.
However, with the bearish MACD, as well as the euro currency trading below key support levels, a break below thee fifty (50) day simple moving average could happen. This downside barrier lines up at 1.21. The monthly low price point at 1.2090 then comes into play.
The next layer of technical support is at the 13 May low price point at 1.2050 with the key level of 1.20 then coming into focus. The May bottom price point lining up at 1.1985 then pops onto the radar.
