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


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR declined 0.34% against the USD and closed at 1.1720.

In the US, the consumer confidence dropped to 92.6 in July, more than market forecast for a fall to a level of 94.5 and compared to a revised reading of 98.3 in the prior month. Meanwhile, the Richmond Fed manufacturing index jumped to 10.0 in July, compared to a flat reading in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.1729, with the EUR trading 0.08% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1698, and a fall through could take it to the next support level of 1.1667. The pair is expected to find its first resistance at 1.1761, and a rise through could take it to the next resistance level of 1.1793.

In absence of key macroeconomic releases in the Euro-zone today, investors would direct their attention to the US goods trade balance and pending home sales, both for June, along with the MBA mortgage applications and the Federal Reserve’s interest rate decision, slated to release later today.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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