EUR/USD: Euro extends its gains in the Asian session


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.34% against the USD and closed at 1.1535.

In the US, data showed that the US producer price index climbed 2.6% on a yearly basis in September, rising for the first time in three months and falling short of market expectations for an advance of 2.7%. The index had recorded a gain of 2.8% in the previous month. Moreover, the nation’s mortgage applications slid 1.7% on a weekly basis in the week ended 05 October 2018, after registering a flat reading in the prior week.

In the Asian session, at GMT0300, the pair is trading at 1.1561, with the EUR trading 0.23% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1504, and a fall through could take it to the next support level of 1.1446. The pair is expected to find its first resistance at 1.1595, and a rise through could take it to the next resistance level of 1.1628.

In absence of macroeconomic releases in the Euro-zone today, traders will focus on the US initial jobless claims as well as the consumer price index and average hourly earnings, both for September, set to release later in the day.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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