Forex Marketz Daily Forex News – Fully Markets Update
The euro currency is trading quietly around 1.2250 during the Asian trade session on Wednesday. The EUR/USD currency exchange rate tumbled from 1.2254 yesterday, seeing its worst daily drop in a week.
Today, Germany will publish monthly retail sales data and Spain will release their monthly unemployment change. The euro area is releasing their monthly factory gate prices. This is also known as the producer price index.
The United States has a quiet economic calendar today. The Federal Reserve Board will release their Beige Book. Tomorrow, the road to the monthly Labor Department’s non-farm payroll report begins with the private monthly ADP non-farm payroll change.
The United Kingdom will publish the private BRC shop price index and monthly mortgage approvals. The Bank of England is closely watching the housing market that is showing signs of heating up.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above EUR/USD daily MT 4 price action chat, the fifty and one hundred (50, 100) daily moving averages are about to cross over. The euro is also trading above a rising trend line in play since 31 March. This is keeping the euro buyers hopeful that the EUR/USD Forex market can mount a challenge of a short term descending trend line.
With that said, a daily close above the upside barrier in play at 1.2250 will open the door to challenge the next technical layer of resistance in play at 1.23. A sustained close above 1.23 challenges the upside barrier lining up at 1.2350 next.
On the downside, a daily close below the rising trend line, in play at 1.22, opens the door to challenge several layers of technical support. The first downside barrier below 1.22 lines up at 1.2147 with the April high price point at 1.2150 then coming into play.
The mid-May low price point at 1.2050 is the next downside barrier with the 50 day simple moving average at 1.2040 and the 100 day simple moving average at 1.2035 then popping onto the radar.
