EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.07% against the USD and closed at 1.1229 on Friday.
In the US, personal income fell 4.2% on a monthly basis in May, less than market expectations for a fall of 6.0% and compared to a revised rise of 10.8% in the prior month. Meanwhile, personal spending jumped 8.2% in May, less than market expectations for a rise of 9.0% and compared to a revised fall of 12.6% in the prior month. Moreover, the Michigan consumer sentiment index rose to a level of 78.1 in June, compared to a level of 72.3 in the previous month. The preliminary figures had indicated a rise to 78.9.
In the Asian session, at GMT0300, the pair is trading at 1.1242, with the EUR trading 0.12% higher against the USD from Friday’s close.
The pair is expected to find support at 1.1209, and a fall through could take it to the next support level of 1.1176. The pair is expected to find its first resistance at 1.1261, and a rise through could take it to the next resistance level of 1.1280.
Going forward, traders would keep a watch on Euro-zone’s service sentiment, consumer confidence, industrial confidence, business climate and economic sentiment indicator, all for June, along with Germany’s consumer price index for June, slated to release in a few hours. Later in the day, the US pending home sales for May and the Dallas Fed manufacturing business index for June, would keep investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
