Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark EUR/USD currency exchange rate, the euro currency is trading above 1.2220 during the Asian trade session on Tuesday. The EUR/USD continues to trade higher against the U.S. dollar but remains stuck in the one week old trading range as seen on the above four hour MT 4 price action chart.
Today, Germany will release their final look at their first quarter gross domestic product (GDP). The euro area’s largest economy will also release the monthly Ifo business climate survey.
The United States is publishing their monthly CB consumer confidence index as well as monthly housing price index data. The U.S. will also release monthly new home sales data as well as the monthly Richmond Fed manufacturing index.
The United Kingdom is publishing their monthly CBI realized sales index and Japan has no economic data on their economic calendar.
Daily Euro Currency Technical Analysis (EUR/USD)
Looking at price action, more closely, the euro has bounced off the technical support level in play at 1.2160. The EUR/USD Forex market is also trading above the short term ascending trend line. The MACD histogram is also looking positive as the euro buyers look to stay in control over the U.S. dollar.
On the upside, there is immediate technical resistance at a congestion zone that has held for the past three months. This area is at 1.2240 to 1.2245. A daily and sustained close above 1.2245 opens the door to challenge the mid-December high price in play at 1.2275. The end of the year high price point, for 2020, then comes into play at 1.2310 before 1.2350 then comes into focus.
On the downside, the EUR/USD currency exchange rate notes immediate support at 1.22. The next downside barrier is at the early May high price point at 1.2185. A daily close below 1.2160 opens the gate to challenge the technical support at 1.2130.
