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


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.74% against the USD and closed at 1.1533, after the European Union leaders agreed on a €750 billion coronavirus rescue package to aid recovery from the economic drag caused by the COVID-19 pandemic.

In the US, the Chicago Fed National Activity Index unexpectedly rose to 4.1 in June, defying market expectations for a drop to a level of 3.2 and compared to a revised level of 3.5 in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.1546, with the EUR trading 0.11% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1464, and a fall through could take it to the next support level of 1.1382. The pair is expected to find its first resistance at 1.1587, and a rise through could take it to the next resistance level of 1.1628.

In absence of crucial macroeconomic releases in the Euro-zone today, investors would keep a close watch on the US housing price index for May and existing home sales for June, along with the MBA mortgage applications, slated to release later today.

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

This entry was posted in EUR/USD. Bookmark the permalink.

Comments are closed.