Forex Marketz Daily Forex News – Fully Markets Update
The euro currency is quietly trading below 1.22 against the U.S. dollar during the Asian trade session as Forex traders head into the weekend. The EUR/USD currency exchange rate is trading between 1.2215 and 1.2175 and has formed a bullish Doji candlestick overnight.
The euro area has some economic events on the economic calendar Friday. France will release monthly import prices and preliminary quarterly gross domestic product (GDP) data.
The world’s largest economy, the United States, will release the Federal Reserve’s preferred measure of inflation, the monthly PCE core and headline price index.
The University of Michigan will publish their final monthly consumer sentiment index. The Chicago Federal Reserve will release their monthly purchasing managers’ index (PMI). The U.S. is also publishing monthly personal spending.
The United Kingdom and Canada have no economic data expected to be released on Friday.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above daily EUR/USD MT 4 price action chart, the appearance of the bullish Doji candlestick and the euro trading just above, and currently around the short-term ten (10) day simple moving average (SMA) as well as a rising trend line since the end of March is a good signal for euro buyers.
The 14 day MACD histogram is also looking positive as is the 14 day relative strength index (RSI). These add to the enthusiasm of euro currency buyers, at least in the near term.
On the upside, there are multiple tops in play at 1.2240 to 1.2245. The next layer of technical resistance comes into play at the January high price point at 1.2265. The December 2020 high price point at 1.2310 then comes into the picture with the 2021 high at 1.2350 the next upside barrier.
Near term support lines up at 1.2170 with the April high price point at 1.2150 coming up next. A daily close below 1.2150 opens the door for the swing low from 13 May at 1.2050.
