EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.41% against the USD and closed at 1.1286.
On the macro front, Germany’s trade surplus widened to €7.6 billion in May, more than market expectations for a surplus of €5.2 billion and compared to a revised surplus of €3.4 billion in the prior month. Meanwhile, non-seasonally adjusted current account surplus narrowed to €6.5 billion in May, compared to a revised surplus of €9.1 billion in the previous month.
In the US, initial jobless claims dropped to 1314.0K in the week ended 3 July 2020, more than market consensus for a drop to a level of 1375.0K and compared to a revised reading of 1413.0K in the earlier month.
In the Asian session, at GMT0300, the pair is trading at 1.1274, with the EUR trading 0.11% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1239, and a fall through could take it to the next support level of 1.1204. The pair is expected to find its first resistance at 1.1340, and a rise through could take it to the next resistance level of 1.1406.
In absence of key macroeconomic releases in the Euro-zone today, investors would direct their attention to the US producer price index for May, slated to release later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
