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


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.85% against the USD and closed at 1.0916.

In the US, the NAHB housing market index rose to 37.0 in May, more than market expectations for an advance to a level of 33.0 and compared to a reading of 30.0 in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.0903, with the EUR trading 0.12% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.0826, and a fall through could take it to the next support level of 1.0750. The pair is expected to find its first resistance at 1.0953, and a rise through could take it to the next resistance level of 1.1004.

Moving ahead, traders would keep a watch on Euro-zone’s ZEW survey economic sentiment for May and construction output for March along with Germany’s ZEW survey current situation and economic sentiment, both for May, slated to release in a few hours. Later in the day, the US building permits and housing starts, both for April, along with Federal Reserve Chairman Jerome Powell’s testimony, would keep investors on their toes.

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.