EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.29% against the USD and closed at 1.1621.
Data showed that, in Italy, Europe’s third largest economy, trade surplus narrowed to €2.9 billion in April, compared to a revised surplus of €4.5 billion reported in the previous month. Markets were expecting trade surplus to narrow to €3.2 billion.
Macroeconomic data released in the US indicated that the NAHB housing market index unexpectedly fell to a level of 68.0 in June, compared to a reading of 70.0 in the prior month. Markets were expecting the housing market index to record a steady reading.
In the Asian session, at GMT0300, the pair is trading at 1.1633, with the EUR trading 0.10% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1585, and a fall through could take it to the next support level of 1.1537. The pair is expected to find its first resistance at 1.1661, and a rise through could take it to the next resistance level of 1.1689.
Looking ahead, traders would keep a close watch on the Euro-zone’s current account balance and construction output data, both for April, slated to release in a few hours. Moreover, the US housing starts and building permits data, both for May, scheduled to release later in the day, will keep investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
