EUR/USD: Euro reverses its loses in the Asian session


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR declined 0.78% against the USD and closed at 1.1522.

In the US, data showed that US producer price index advanced 3.3% in July, less than market consensus for a rise of 3.4%. In the previous month, the index had climbed 3.4%. Moreover, the number of Americans filing for fresh unemployment benefits unexpectedly dropped to 213.0K in the week ended 04 August 2018, defying market expectations to climb to a level of 220.0K. In the previous week, initial jobless claims had registered a revised reading of 219.0K.

In the Asian session, at GMT0300, the pair is trading at 1.1529, with the EUR trading 0.06% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1491, and a fall through could take it to the next support level of 1.1453. The pair is expected to find its first resistance at 1.1593, and a rise through could take it to the next resistance level of 1.1657.

In absence of key economic releases in the Euro-zone today, investor sentiment would be determined by the US consumer price index and average hourly earnings, both for July, slated to release later in the day.

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

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