EUR/USD: Euro-zone’s construction output rebounded in September


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.40% against the USD and closed at 1.1454.

Data revealed that the Euro-zone’s seasonally adjusted construction output rebounded 2.0% on a monthly basis in September, following a revised fall of 0.6% in the prior month. Moreover, the region’s seasonally adjusted current account surplus narrowed to €17.0 billion in September, compared to a revised surplus of €24.3 billion in the previous month.

In the US, data showed that the US NAHB housing market index dropped to a level of 60.0 in November, hitting its lowest level since August 2016 and more than market consensus for a drop to a level of 67.0. The index had registered a reading of 68.0 in the preceding month.

In the Asian session, at GMT0400, the pair is trading at 1.1454, with the EUR trading flat against the USD from yesterday’s close.

The pair is expected to find support at 1.1411, and a fall through could take it to the next support level of 1.1367. The pair is expected to find its first resistance at 1.1481, and a rise through could take it to the next resistance level of 1.1507.

Moving ahead, investors would closely monitor Germany’s producer price index for October, set to release in a while. Later in the day, the US housing starts and building permits, both for October, will be on investors radar.

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

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