Forex Marketz Daily Forex News – Fully Markets Update
The EUR/USD Forex market continues to move higher with five straight days of gains. However, the overall trend for the euro remains quite bearish, and we should focus on the larger picture.
Technical Analysis
Let’s look at today’s EUR/USD technical analysis. There is near term resistance at 1.1047 to 1.1050. A break above this technical resistance level challenges the next technical resistance at 1.1120. The alternative technical analysis, should the euro push lower, thus bringing this Forex market lower, notes technical support at the 1.0987 horizontal pivot. A break below this technical level challenges the next technical support lining up at 1.0870.
Trade Strategy
There is not a lot of event risk on the economic calendar today as we look at our EUR/USD trade strategy. The Eurozone will release industrial production numbers at 0900 GMT but that should not have a big effect on Forex volatility. This means the EUR/USD could drift a bit today. Keeping this in mind, I will need to rely on my technical analysis and charts for a trade decision. The overall EUR/USD Forex market’s trend is overall bearish. Any move higher should be viewed as a correction in line with my overall long-term bearish euro outlook. For now, I remain on the sidelines for a more opportune opportunity to short the EUR. For today, I am flat in the EUR/USD Forex market.