EUR/USD: Euro trading a tad higher, ahead of ECB President’s speech


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.13% against the USD and closed at 1.1665.

On the data front, Germany’s wholesale price index rose 3.0% on a yearly basis in October, following a rise of 3.4% in the prior month.

Macroeconomic data showed that the US posted a budget deficit of $63.2 billion in October, higher than market expectations for the nation to register a deficit of $50.0 billion. In the previous month, the nation had recorded a budget surplus of $8.0 billion.

In the Asian session, at GMT0400, the pair is trading at 1.1671, with the EUR trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1647, and a fall through could take it to the next support level of 1.1624. The pair is expected to find its first resistance at 1.1685, and a rise through could take it to the next resistance level of 1.1700.

Ahead in the day, market participants would focus on the release of flash 3Q GDP and ZEW economic sentiment index across the Euro-zone. Moreover, comments from the European Central Bank (ECB) Chief, Mario Draghi as well as the Federal Reserve Chair, Janet Yellen, will be closely monitored by investors.

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

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