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


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR slightly declined against the USD and closed at 1.1595.

Macroeconomic data released in the US showed that mortgage applications remained flat in the week ended 03 November, comparted to a drop of 2.6% in the previous week.

In the Asian session, at GMT0400, the pair is trading at 1.1593, with the EUR trading marginally lower against the USD from yesterday’s close.

The pair is expected to find support at 1.1578, and a fall through could take it to the next support level of 1.1562. The pair is expected to find its first resistance at 1.1610, and a rise through could take it to the next resistance level of 1.1626.

Going ahead, traders would look forward to the European Commission’s economic growth forecast report and Germany’s trade balance figures for September, both slated to release in a few hours. Later in the day, US initial jobless claims data would be on investors’ radar.

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

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