EUR/USD: Euro trading on a stronger footing in the Asian session


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.49% against the USD and closed at 1.1592.

In the US, data revealed that the US consumer price index (CPI) advanced 2.3% on an annual basis in September, following a gain of 2.7% in the previous month. Market participants had anticipated the CPI to rise to 2.4%. On the contrary, the nation’s seasonally adjusted initial jobless claims unexpectedly climbed to a level of 214.0K in the week ended 06 October 2018, compared to market consensus for a steady reading. In the prior week, initial jobless claims had recorded a reading of 207.0K.

In the Asian session, at GMT0300, the pair is trading at 1.1604, with the EUR trading 0.10% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1556, and a fall through could take it to the next support level of 1.1509. The pair is expected to find its first resistance at 1.1630, and a rise through could take it to the next resistance level of 1.1657.

Trading trend in the Euro today is expected to be determined by the Euro-zone’s industrial production for August as well as Germany’s consumer price index for September, set to release in a few hours. Later in the day, the US Michigan consumer sentiment index for October will garner significant amount of investors’ attention.

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

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