EUR/USD: Euro trading lower, ahead of the ZEW survey data across the Euro-zone


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR traded flat against the USD and closed at 1.1201.

In economic news, French business sentiment index remained unchanged at a level of 105.0 in May, at par with market expectations.

Separately, Italy’s seasonally adjusted industrial production unexpectedly eased 0.4% on a monthly basis in April, defying market expectations for an advance of 0.2%. In the prior month, industrial production had registered a rise of 0.4%.

Macroeconomic data indicated that the US posted a budget deficit of $88.4 billion in May, while markets expected the nation to post a deficit of $87.0 billion. In the previous month, the nation had posted a budget surplus of $182.4 billion.

In the Asian session, at GMT0300, the pair is trading at 1.1194, with the EUR trading 0.06% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.1179, and a fall through could take it to the next support level of 1.1163. The pair is expected to find its first resistance at 1.1221, and a rise through could take it to the next resistance level of 1.1247.

Moving ahead, all eyes will be on the release of ZEW economic sentiment index for June across the Euro-zone, scheduled in a few hours. Additionally, the US NFIB small business optimism index for May, will attract market attention.

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

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