Forex Marketz Daily Forex News – Fully Markets Update
The euro currency looks poised to continue its slump against the U.S. dollar headed into a new trade week. The short term twenty (20) day simple moving average continues to look bearish and the benchmark EUR/USD currency exchange rate is trading below the one hundred and two hundred (100, 200) simple moving averages.
Also, for Monday, the macroeconomic calendar is fairly quiet. The euro area and the United States have no economic data scheduled for release. The United Kingdom will publish their monthly construction purchasing managers’ index (PMI).
The UK private retail consortium, BRC, will release their like-for-like retail sales data. The Organization for Petroleum Export Countries (OPEC) will publish their monthly crude oil report.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above EUR/USD daily MT 4 price action chart, the 100 day simple moving average has crossed above the longer-term 200 day simple moving average around 1.1580. Also, the technical indicators are trending lower and are within negative levels.
The momentum indicator is also moving lower. The relative strength index (RSI) looks neutral. This could benefit greenback buyers at the expense of the euro currency.
As mentioned above, the 100 and 200 day simple moving averages look bearish as does the 20 day simple moving averages. The euro is also trading well below the 100 and 200 day simple moving averages but above the 20 day simple moving average. The EUR/USD Forex market is also trading around the 50 percent Fibonacci level.
Sellers entered this currency exchange rate around 1.1908, which was the high set after the dismal monthly non-farm payroll (NFP) report. A daily close above 1.1908 opens the door for 1.20 then the congestion zone at 1.2060 to 1.2070.
On the downside, immediate technical support lines up at 1.18 with the 61.8 percent Fibonacci level at 1.1755 then coming into play. The yearly low price point at 1.1663 then comes into the picture.
