EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.35% against the USD and closed at 1.1309.
On the macro front, Euro-zone’s Markit manufacturing PMI rose to 46.9 in June, more than market forecast for a rise to a level of 44.5 and compared to a reading of 39.4 in the previous month. Additionally, the Markit services PMI climbed to 47.3 in June, surpassing market forecast for a rise to a level of 41.0 and compared to a reading of 30.5 in the prior month. Separately, in Germany, the Markit manufacturing PMI advanced to 44.6 in June, beating market anticipations for a rise to a level of 41.5 and compared to a level of 36.6 in the previous month. Moreover, the Markit services PMI increased to 45.8 in June, overshooting market forecast for a rise to a level of 42.0 and compared to a reading of 32.6 in the earlier month.
In the US, the Markit manufacturing PMI climbed 49.6 in June, beating market expectations for a rise to a level of 48.0 and compared to a reading of 39.8 in the prior month. Additionally, the Markit services PMI advanced to 46.7 in June, more than market forecast for a rise to a level of 46.5 and compared to a reading of 37.5 in the previous month. Furthermore, the Richmond Fed manufacturing index recorded a flat reading in June, compared to a level of -27.0 in the prior month. Moreover, new home sales climbed by 16.6% to an annual rate of 0.66 million on a monthly basis in May, compared to a revised reading of 0.58 million in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.1318, with the EUR trading 0.08% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1267, and a fall through could take it to the next support level of 1.1216. The pair is expected to find its first resistance at 1.1359, and a rise through could take it to the next resistance level of 1.1400.
Moving ahead, traders would keep a watch on Germany’s Ifo survey indices, all for June, slated to release in a few hours. Later in the day, the US housing price index for April and the MBA mortgage applications would keep investors on their toes.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
