Forex Marketz Daily Forex News – Fully Markets Update
Looking at the EUR/USD Forex market and its technical positioning for Tuesday, signs are signaling that the uptrend for the euro from its recent lows back in April might be back in play. This comes after a brief retracement against the US dollar. Price action seems to have completed a bullish flag on the charts. This signals that the three week move lower from the August high has ended and the uptrend is back in play.
In economic news, euro traders will be listening to European Central Bank (ECB) President Mario Draghi. He is not likely to offer any fresh monetary policy during his speech at Jackson Hole at the end of the.
This talk comes after his comments in Portugal, back in June during a similar event, sparked a great deal of volatility in the euro.
Euro Technical Analysis
Look at the daily technical analysis for the euro, there is near term resistance lining up at 1.1850. A daily close above this first upside barrier challenges the next layer of resistance lining up at the August 2 high of 1.1910.
The alternative technical analysis notes the first downside barrier lining up at 1.1778. The next downside barrier, of note, lines up at 1.1725.
There is a short EUR trade in play from 1.1810. It has not triggered the stop loss but price positioning argues to close the trade. There is also some heavy duty fundamental risk in play, with the above mentioned Jackson Hole Symposium. I have incurred a small loss but it is smarter to close out the short sale now.
