Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark EUR/GBP currency exchange rate and above hourly MT 4 price chart, the euro currency (EUR) is trading between 0.90 and 0.9090 as Forex traders wait on any news regarding a free trade agreement between the United Kingdom and the European Union.
The euro currency was consolidating overnight as signals from both sides is that a Brexit deal could be imminent. With that said, the last piece of news to reach the wire was from the European Union’s Chief Brexit Negotiator Michel Barnier. He said that they are currently “going through the details now of UK trade deal, no final agreement yet confirmed.”
The European Commission released a statement that they could have a trade deal in place sometime Thursday morning after the United Kingdom compromised on fisheries.
In the United States, outgoing President Donald Trump continues to pardon his closest allies. He has also warned Iran over its attack in Baghdad and he has turned down the defense bill just passed by Congress.
President Trump has also said he would veto the $900 billion coronavirus fiscal aid package unless Congress raised the payment amount to individuals from $600 to $2,000.
Daily Euro Currency Technical Analysis (EUR/GBP)
Looking at the above hourly EUR/GBP MT 4 chart, the euro currency is trading below the one hundred and two hundred (100, 200) hourly simple moving averages as price action has fallen below the support levels in play 0.9088 and 0.9085.
Price action is also below the former support, now upside barrier lining up at 0.9115.
On the upside, there is a falling trend line in play since Monday. This layer of technical resistance is at 0.9125.Then next layer of technical resistance lines up at 0.9155.
While below the above mentioned hourly simple moving averages, the bears remain happy as they look to challenge the downside barrier lining up at 0.90 with the next layer of technical support lining up at 0.8930.
Should this layer of support give away then there is a congestion zone ling up at 0.8860 to 0.8865.
