EUR/USD: Euro trading higher, ahead of the Euro-zone’s retail sales data


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR marginally rose against the USD and closed at 1.1742.

On the macro front, the Euro-zone’s producer price index (PPI) advanced 2.5% on an annual basis in August, beating market expectations for a gain of 2.3%. The PPI had recorded a rise of 2.0% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.1770, with the EUR trading 0.24% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1717, and a fall through could take it to the next support level of 1.1665. The pair is expected to find its first resistance at 1.1801, and a rise through could take it to the next resistance level of 1.1833.

Going ahead, investors will closely monitor the final Markit services PMI for September across the Euro-zone along with the region’s retail sales data for August, slated to release in a few hours. Additionally, the US ISM non-manufacturing index, ADP employment change and MBA mortgage applications data, all set to release later today, will pique significant amount of investor attention.

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

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