Forex Marketz Daily Forex News – Fully Markets Update
The euro currency is trading around 1.1840 and just above the ten day simple moving average against the U.S. dollar. The benchmark EUR/USD currency exchange rate is also near the weekly low price point. Yesterday, this Forex market saw its biggest daily drop in three weeks.
Germany is releasing monthly factory orders and France will publish monthly industrial production. The United States will publish weekly initial and continuing jobless claims. The monthly Challenger job cuts will also be released as well as July’s trade balance
Today the Bank of England will conclude their monetary policy meeting. They will announce their rate decision and monetary policy for August. This includes monthly asset purchases. The Bank of England is widely expected not to change monetary policy settings.
However, they are far less patient with inflation than the U.S. Federal Reserve or European Central Bank. The BOE will likely express that in their monetary policy statement.
Daily Spot Euro Currency Technical Analysis (EUR/USD)
Looking at the above daily EUR/USD MT 4 price chart, the euro currency is see sawing around the short term 10 day simple moving average. A break below the 10 day simple moving average could be a good signal for euro sellers.
A daily close below 1.18 will open the door for a challenge of the technical support level in play at 1.1780. The next layer of technical support lines up at congestion in play at 1.1760 to 1.1750. The next level of technical support lines up at the year low price point of 1.17.
While above 1.1845 and the 10 day simple moving average the EUR/USD Forex market could challenge the upside level at 1.1850. The next layer of technical resistance lines up at 1.1880 with the horizontal technical resistance level at 1.1910 then coming into focus.
The 50 day simple moving average lines up at 1.1940 with the June high price level lining up at 1.1975. The key psychological level of 1.20 then comes into play.
