Forex Marketz Daily Forex News – Fully Markets Update
We are seeing the benchmark EUR/USD currency exchange rate continuing to recover into the end of the week. The euro currency is currently challenging the two hundred (200) day simple moving average on the above daily MT 4 price chart.
Forex traders should also note that EUR/USD Forex market is above 1.19 and near a two week high price point during the Friday Asian trade session.
U.S. Labor Department data showed that weekly initial unemployment claims rose for the second week in a row. This is at odds with the last non-farm payroll report adding 916,000 new jobs. This was the best monthly job creation in the U.S. in seven months. Traders should note that, for February, job openings rose to a two year high.
Also driving price action in the EUR/USD currency exchange rate and helping the euro currency are dovish commentary from Federal Reserve Chair Jerome Powell. The Federal Reserve is seeing economic activity pick up but remain concerned over the new uptick in coronavirus cases and mutations.
“Cases are moving back up here, so I would just urge that people do get vaccinated and continue socially distancing,” Fed Chair Jerome Powell said during an economic forum. He was speaking during a virtual International Monetary Fund and World Bank meetings. “We don’t want to get another outbreak; even if it might have less economic damage and kill fewer people, it’ll slow down the recovery.”
He was speaking during a virtual International Monetary Fund and World Bank meetings. “We don’t want to get another outbreak; even if it might have less economic damage and kill fewer people, it’ll slow down the recovery.”
Daily Euro Technical Analysis (EUR/USD)
Looking at price action on the above daily chart, the euro currency needs a daily close above the 200 day simple moving average near 1.1880 in order to recover to a congestion zone that lines up at 1.1980 to 1.1990.
This congestion zone is where the mid-March high price points and the fifty day simple moving average meet. The next upside barrier lines up at 1.20.
On the downside, the initial layer of technical support lines up at 1.1850 before the key support level at 1.18 comes into play.
