Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark EUR/USD Forex market, the euro currency is trading around either side of 1.1725 against the almighty greenback. This Forex market has been unable to maintain yesterday’s corrective bounce higher.
Forex traders were not very impressed with President Joe Biden’s $2 trillion fiscal infrastructure plan. There is a lot of uncertainty if the U.S. Senate will pass this plan. Euro traders are watching global coronavirus (Covid-19) headlines. There is a new Covid-19 mutation out of Brazil which is weighing on financial market sentiment boosting safe haven assets like the U.S. dollar.
Johnson and Johnson has signaled that they will be unable to meet committed vaccine supplies after a mishap in their factory. Also weighing on trader sentiment of escalating tensions between China and the United States. North Korea also appears to be ramping up their nuclear weapon and missile production.
Some good news, Pfizer says that their coronavirus vaccine has a one hundred percent efficacy for children. Also there are no new cases in Australia’s New South Wales (NSW). The lockdown for Brisbane will not be extended.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above four hour MT 4 chart, the euro has fallen back from a former support now upside barrier in play since 5 February as well as a week old falling trend line. The technical indicators like the MACD momentum indicator are signaling a possible bullish trend for the EUR/USD currency exchange rate.
On the downside, initial support lines up at 1.17 with a downside congestion zone in play at 1.16 to 1.1610 then coming into focus. Further down, on any sustained close below 1.16 opens the door to challenge the June 2020 high price point at 1.1420.
On the upside, there is a congestion zone at 1.1744 to 1.1752. A daily close above this area, which includes the above mention falling trend line, opens the door to challenge 1.1835. The one hundred (100) hour simple moving average at 1.1865 then comes into the picture.
