EUR/USD: Euro trading a tad higher in the Asian session


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.07% against the USD and closed at 1.1435.

In the US, data indicated that the US CB consumer confidence index declined to a level of 120.2 in January, compared to a revised level of 126.6 in the previous month. Market participants had envisaged the index to fall to a level of 124.0. Moreover, the nation’s S&P/Case-Shiller home price index fell to a 4-year low level of 5.19% on a yearly basis in November, following a revised reading of 5.33% in the prior month.

In the Asian session, at GMT0400, the pair is trading at 1.1436, with the EUR trading slightly higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1415, and a fall through could take it to the next support level of 1.1393. The pair is expected to find its first resistance at 1.1454, and a rise through could take it to the next resistance level of 1.1471.

Looking forward, investors would keep an eye on the Euro-zone’s economic confidence, business climate indicator, industrial confidence, consumer confidence index, all for January along with Germany’s GfK consumer confidence for February and consumer price index for January, all set to release in a few hours. Later in the day, the Federal Reserve’s interest rate decision along with the US ADP employment change for January, annualised gross domestic product for the fourth quarter, pending home sales for December, will keep traders on their toes.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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