Forex Marketz Daily Forex News – Fully Markets Update
The euro currency is trading near its April monthly high price point against the U.S. dollar. The benchmark EUR/USD currency exchange rate looks ready to extend gains on Monday and through the week after a disappointing monthly U.S. non-farm payroll report.
The April non-farm payroll report was a disappointment. The U.S. economy only added a measly 266,000 new jobs last month. This was well below the nearly one million new jobs expected. The unemployment rate also rose instead of contracting.
The U.S. unemployment rate rose to 6.1 percent. It was supposed to fall to 5.8 percent. Average hourly earnings also rose as did the labor participation rate.
This labor data miss, supported risk-on Forex market sentiment, which also boosted the euro currency. The economic calendar, for Monday, is quite light.
The Eurozone will release their monthly Sentix consumer confidence report. The United Kingdom will release the monthly Halifax housing price index. The United States has nothing on the calendar.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at the above daily EUR/USD MT 4 price action chart, prices action is skewed higher as the week begins.
The twenty (20) day simple moving average is neutral and the euro currency is trading above the one hundred and two hundred (100, 200) day simple moving averages. These long-term moving averages also have a bullish slope which is good for the EUR/USD bulls.
The technical indicators are moving higher but remaining neutral. The 14 day MACD histogram is above the mid-line and the 14 day relative strength index (RSI) is moving higher towards sixty (60). A daily close above the upside barrier in play at 1.2150 will open the door to challenge the March high price point at 1.2242.
The next layer of technical resistance lines up at 1.2350. On the downside, immediate technical support lines up at 1.2045. The next downside barrier lines up at 1.1980. A daily close below 1.1980 can then target the technical support at 1.1870.
