Forex Marketz Daily Forex News – Fully Markets Update
Looking at the euro currency (EUR) on the above daily EUR/USD MT 4 price chart, the world’s most liquid currency exchange rate had spike higher at the end of last week as risk sentiment switched on and the safe haven U.S. dollar (USD) fell broadly.
The euro currency has not yet broken above the upside congestion zone that is in play at 1.1870 to 1.1880. The headline EUR/USD currency exchange rate, however, is trading above the main daily simple moving averages (SMA). This includes the short term twenty, one hundred and two hundred (20, 100, 200) SMAs.
On Saturday, Democratic nominee for President of the United States, Joe Biden, won enough Electoral College votes and is now president elect. President Donald Trump, as expected, is refusing to concede defeat and promising to contest the results of the election. With that said, the economic calendar, for the United States, is quiet on Monday.
The Eurozone is releasing monthly import and export trade data as well as the monthly Sentix consumer sentiment index. The Eurozone will also publish their monthly balance sheet. The United Kingdom is also not publishing economic data but the Governor of the Bank of England as well as the central Bank’s chief economist are speaking.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above EUR/USD price action chart, more closely, the 14 day MACD histogram is below the mid-line. This indicates a neutral trend for the euro currency. The 14 day relative strength index (RSI) has also turned higher near overbought levels.
With that said, price action is skewed higher for the EUR/USD Forex market headed into a new trade week. Price action is above all the key simple moving averages. Immediate technical resistance lines up at 1.1915 with the next upside barrier lining up at 1.1960. The 2020 high price point at 1.2010 would then come into play.
On the downside of the coin, the first layer of technical support is in play at 1.1840. The next downside barrier lines up at 1.1790 with the key round layer of 1.17 then coming into focus.
