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


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.52% against the USD and closed at 1.1490.

On the macro front, Euro-zone’s seasonally adjusted construction output rose 0.2% on a monthly basis in June, for the third consecutive month and compared to a gain of 0.30% in the prior month.

Separately, in Germany, the producer price index rose 3.0% on an annual basis in July, in line with market expectations and compared to a similar rise in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.1520, with the EUR trading 0.26% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1429, and a fall through could take it to the next support level of 1.1337. The pair is expected to find its first resistance at 1.1577, and a rise through could take it to the next resistance level of 1.1633.

In absence of key macroeconomic releases in the Euro-zone today, investors would focus on global macroeconomic events for further direction.

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

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