EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 1.02% against the USD and closed at 1.1086, following the release of upbeat German Ifo data.
Data showed that Germany’s IFO business climate index improved more than expected to a reading of 108.0 in July, from prior month’s revised level of 107.5, while the business expectations index increased to 102.4 this month, compared to June’s revised level of 102.1. The positive German Ifo survey has boosted investor optimism in the Euro-zone’s biggest economy, as the Greek crisis has calmed down.
In the US, durable goods orders jumped 3.4% in June, fuelled by higher demand for commercial aircraft and exceeding market expectations for an increase of 3.2%. It followed a revised fall of 2.1% in May.
In the Asian session, at GMT0300, the pair is trading at 1.1080, with the EUR trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.1007, and a fall through could take it to the next support level of 1.0935. The pair is expected to find its first resistance at 1.1141, and a rise through could take it to the next resistance level of 1.1202.
Trading trends in the pair today are expected to be determined by the series of economic releases in the US, scheduled later today.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
