Forex Marketz Daily Forex News – Fully Markets Update
Looking at the headline EUR/USD currency exchange rate, the euro currency is moving higher from the downside barrier in play at 1.19. The EUR/USD Forex market started the week below this former upside barrier but was able to break above this level on Monday.
The euro gained some traction overnight during the end of the North American trade session into today’s Asian trade session, so far. This Forex market has given up some gains but remains above the 21 day simple moving average on the above daily MT 4 price action chart.
Better than expected monthly euro area retail sales is boosting the single currency. In February, retail sales rose three percent after contracting 5.2 percent in January. Median expectations called for a gain of 1.5 percent.
Today’s economic calendar will feature the monthly consumer price index (CPI), headline and core out of the United States. The European Union and Germany will publish their monthly ZEW economic surveys. Italy is releasing their monthly industrial production data. The United Kingdom will publish their monthly gross domestic product (GDP) and monthly BRC retail sales monitor.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at price action, the euro currency is still recovering from its yearly low price point at 1.17. The EUR/USD exchange rate needs a sustained close above the 200 day simple moving average near 1.1890/1 to open the door to challenge a congestion area at 1.1980 to 1.1990.
A sustained close above that 200 day simple moving average could bring the buyers in to mount a challenge above the former support lining up at 1.20, as well.
On the downside, immediate technical support lines up at 1.1875. A daily close below this level opens the door for the next layer of technical support that lines up at 1.1845. The next layer of technical support then comes into focus at 1.1820 with the key level at 1.18 comes into reach.
