Forex Marketz Daily Forex News – Fully Markets Update
On Friday, the euro currency fell sharply lower against the U.S. dollar after better than expected labor data out of the United States. The EUR/USD currency exchange rate is looking ready to challenge the multi-month low price point at 1.1703. This number was set in March 2021.
On Friday, the U.S. Labor Department’s July non-farm payroll (NFP) report was published. The U.S. jobs report widely beat expectations. The U.S. economy added 943,000 new jobs in July. Their monthly unemployment rate also contracted to 5.4 percent.
Both numbers were far better than median financial market expectations. The labor participation rate improved as did monthly average earnings which rose 0.4 percent.
On Monday, the United States will publish JOLTS jobs openings. The euro area will release monthly export data and SENTIX will publish the Eurozone’s monthly economic sentiment survey. The United Kingdom is not releasing economic data.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above daily EUR/USD MT 4 chart, the technical indicators look negative. The 14 day MACD histogram and relative strength index (RSI) are descending lower with the RSI moving towards 41. The euro currency is also challenging the immediate technical support lining up at 1.1750.
The EUR/USD Forex market is also retreating from 1.1920. The 20 day simple moving average is sloping lower and the one hundred and two hundred (100,200) day simple moving averages are converging near 1.15.
With the daily technical indicators looking negative to directionless as well as below their mid-lines, and a bearish sloping 20 day simple moving average, the EUR/USD currency exchange rate looks ready for more losses.
Immediate support, as mentioned above, is seen lining up at 1.1750. The next downside barrier lines up at 1.1702. On the upside, the first layer of resistance is in play at 1.1840 with next resistance barrier lining up at1.1920 then coming into focus.
