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


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.40% against the USD and closed at 1.1420 on Friday.

In the US, data revealed that the US preliminary annualised gross domestic product (GDP) climbed 3.5% on a quarterly basis in 3Q 2018, more than market expectations for an advance of 3.3%. The GDP had recorded a gain of 4.2% in the prior quarter. On the other hand, the nation’s final Reuters/Michigan consumer sentiment index eased to a level of 98.6 in October, compared to a level of 100.1 in the preceding month. Market participants had anticipated the index to drop to a level of 99.0, while preliminary figures had also indicated a similar decline.

In the Asian session, at GMT0400, the pair is trading at 1.1394, with the EUR trading 0.23% lower against the USD from Friday’s close.

The pair is expected to find support at 1.1346, and a fall through could take it to the next support level of 1.1299. The pair is expected to find its first resistance at 1.1431, and a rise through could take it to the next resistance level of 1.1469.

Amid lack of macroeconomic releases in the Euro-zone today, investor sentiment would be determined by the US Dallas Fed manufacturing activity for October, along with personal income and personal spending data, both for September, slated to release later in the day.

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.