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


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.34% against the USD and closed at 1.1572.

In the US, the housing price index unexpectedly fell 0.3% on a monthly basis in May, defying market forecast for a rise of 0.3% and compared to a revised rise of 0.1% in the prior month. Additionally, existing home sales jumped less-than-expected by 20.7% to an annual rate of 4.72 million in June, compared to a level of 3.91 million in the previous month. Moreover, the MBA mortgage applications rose 4.1% on a weekly basis in the week ended 17 July 2020, compared to a rise of 5.1% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.1569, with the EUR trading marginally lower against the USD from yesterday’s close.

The pair is expected to find support at 1.1517, and a fall through could take it to the next support level of 1.1465. The pair is expected to find its first resistance at 1.1611, and a rise through could take it to the next resistance level of 1.1653.

Moving ahead, traders would keep a watch on Euro-zone’s consumer confidence for July, slated to release later today. Separately, Germany’s GfK consumer confidence survey for August, would keep investors on their toes. Later in the day, the US initial jobless claims would garner significant amount of investor attention.

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

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