Forex Marketz Daily Forex News – Fully Markets Update
Looking at the headline EUR/USD currency exchange rate on the above daily MT 4 price chart, the euro currency (EUR) saw its best weekly close this year as price action flirts with the key 1.20 price level.
The euro currency is trading above the key short term twenty (20) day simple moving average as well as the upward sloping longer term one hundred and two hundred (100, 200) day simple moving averages (SMA). The short term 20 day SMA is above the longer term simple moving averages which is a good sign for euro buyers.
The economic calendar gets off to a busy
start this week as we head into the month of December. The European Union’s
largest economy, Germany, will publish their monthly consumer price index
(CPI). The Eurozone is releasing their harmonized consumer prices as well as
their monthly consumer price index.
The United States returns from a holiday weekend with the monthly Chicago
Federal Reserve purchasing managers’ index. The Dallas Federal Reserve will
release monthly manufacturing data. Pending home sales data, for November, is
also on the schedule.
Daily Euro Currency Technical Analysis (EUR/USD)
The above EUR/USD price chart shows that the 14 day MACD histogram is moving up from its midline. The 14 day relative strength index (RSI) is trading above the midline near sixty (60).
With that the said, these technical indicators are indicating that there is more bullish strength ahead for the EUR/USD Forex market. The MACD momentum indicator, however, is starting to signal a weakening bullish price trend.
The RSI is starting to signal a moderate overbought level. Trade volume was light on Thursday and Friday last week due to the American Thanksgiving holiday.
Near term technical resistance lines up at 1.1960 with the key psychological level at 1.20 then coming into play. The next upside barrier lines up at 1.2010 with the yearly high price point at 1.21 then coming into focus.
On the downside, the first layer of technical support lines up at 1.1880. A daily close below this first level opens the door to challenge the downside barrier at 1.1790.
