Forex Marketz Daily Forex News – Fully Markets Update
Looking at the above EUR/GBP hourly MT 4 price action chart, the euro currency (EUR) is trying to climb above the near-term technical upside barrier at 0.8915 as well as the one hundred (100) day simple moving average (SMA).
Trading volume will be light today as the world’s largest economy, the United States, is celebrating their Thanksgiving Day holiday. This means their financial markets are closed today. They will reopen Friday for half a day.
The Eurozone economic calendar will feature key German consumer confidence data. The European Union’s largest economy will publish their monthly Gfk consumer sentiment survey and France will also publish monthly consumer sentiment data.
The Eurozone will release M3 money supply data as well as their monthly private loans. The United Kingdom has no economic data events on the schedule and neither does Canada.
Forex traders are watching for any signals out of either the European Union or the United Kingdom regarding the free trade agreement (FTA). The United Kingdom will officially and formally divorce from the Eurozone on 31 December with or without a deal in place. Overnight, the Eurozone threatened to pull out of talks if the UK refused to compromise.
Daily Euro Currency Technical Analysis (EUR/GBP)
Looking at the above price action chart, the 14 day MACD histogram is still signaling an upwards price trend for the euro currency. This is a good sign for a possible challenge of the 100 hour simple moving average.
The next key area is in play at a joint falling trend line from 16 November and the two hundred (200) day simple moving average. With that said, if the euro manages to stay above 0.8933, the EUR/GBP Forex market could mount a challenge of the key level at 0.90.
On the downside, the weekly low price point at 0.8875, which was challenged two times this week, is the first layer of technical support to watch. The monthly low price at 0.8860 is the next downside barrier with the early May high price lining up at 0.8815 then coming into focus.
