Forex Marketz Daily Forex News – Fully Markets Update
The euro currency, during Thursday’s early Asian trade session, has fallen from the intraday high price point at 1.1930. On the four hour price action chart, seen above, the benchmark EUR/USD currency exchange rate has formed a bearish flag chart pattern as this Forex market tries to snap a three week long losing trend.
On the economic calendar for Thursday, the Eurozone’s largest economy, Germany, will publish the private Ifo business climate index. The United States will release the final look at their quarterly gross domestic product (GDP).
The U.S. is also releasing monthly core and headline durable goods orders and the U.S. Labor Department is publishing weekly labor numbers. This includes initial and continuing jobless claims.
The headline event today is the Bank of England. The Old Lady will announce June’s monetary policy and interest rate decision. The Bank of England will also announce their monthly asset purchase facility and release a monetary policy statement. Overnight into Friday, Japan will publish consumer price data. This is the monthly Tokyo consumer price index (CPI).
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above EUR/USD price action chart, the euro currency is trading quietly amid the appearance of the bearish flag chart pattern, mentioned above. The MACD histogram is signaling a possible bullish price trend for the EUR/USD Forex market.
Also of note, the euro is trading at the weekly rising trend line, which is part of the bearish flag chart pattern. With that said, the fifty (50) hour simple moving average lines up at 1.1990.
The next upside barrier lines up at the key psychological level of 1.20 with the descending trend line from 9 June coming into play next. This level lines up at 1.2041.
On the downside, a close below 1.1915 will open the door to challenge the weekly low price point in play at 1.1845. There are minor support levels lining up at 1.1835 and 1.18. With the next layer of technical support lining up at the round 1.17 level.
