EUR/USD: Euro trading lower in the Asian session


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR declined 0.22% against the USD and closed at 1.1776.

Meanwhile, in Italy, Europe’s third largest economy, the working day adjusted industrial production eased 1.9% on an annual basis in April, signalling a slowdown in economic growth and compared to a revised gain of 3.5% in the prior month. Market anticipation was for industrial production to climb 3.6%.

In the Asian session, at GMT0300, the pair is trading at 1.1769, with the EUR trading 0.06% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.1733, and a fall through could take it to the next support level of 1.1697. The pair is expected to find its first resistance at 1.1813, and a rise through could take it to the next resistance level of 1.1857.

Moving ahead investors would look forward to the Eurozone’s ZEW economic sentiment index for June, slated to release in a few hours. Additionally, the US consumer price index, the NFIB small business optimism index and monthly budget statement, all for May, scheduled to release later in the day, would garner significant amount of investor attention.

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

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