Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark EUR/JPY currency exchange rate on the above daily chart, the euro currency (EUR) has put in a bullish inverted daily candlestick chart pattern. On Monday this Forex market ended a six day losing streak.
The economic calendar, for the week, is starting to pick up. There are no macroeconomic events on the Japanese calendar. In the European Union, affecting the euro currency, Germany is publishing their final gross domestic product (GDP) data.
The private Ifo economic institute will release their monthly German business climate gauge. The United Kingdom will publish monthly CBI realized sales data and Canada is releasing monthly corporate profits data.
The world’s largest economy, the United States, will feature the monthly CB consumer confidence gauge, the Richmond Fed manufacturing index, monthly house price index (HPI) data and monthly new home sales.
Forex traders are watching the developments between China and the United States closely. It has been reported that the two countries held a phone call regarding the Phase One trade agreement. Any positive news on this front will see capital outflow from the anti-risk Japanese yen (JPY).
Daily Euro Technical Analysis (EUR/JPY)
Looking at price action on the above daily chart, the euro currency, as mentioned above, has seemingly negated the short-term bearish outlook with the formation of a bullish inverted hammer candlestick. This will be confirmed with a daily close above the first upside barrier in play at 125.35 yen.
This was also Monday’s high price point. The next upside barrier would then come into play at the 13 August high price point lining up at 126.75 yen.
On the flip side, a daily close below the first downside barrier lining up at 124.60 yen would negate that inverted hammer formation. The next downside barrier lines up at 124.32 yen with focus then shifting towards the downside barrier in play at 123.98 yen.
