EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.10% against the USD and closed at 1.1215.
On the data front, the Euro-zone’s Sentix investor confidence index unexpectedly declined to a level of -5.8 in July, marking its lowest level since November 2014 and compared to market expectations of a rise to 0.1. In the previous month, the index had recorded a reading of -3.3.
Separately, in Germany, the seasonally adjusted trade surplus widened to €18.7 billion in May, more than market expectations for a rise to a level of €17.0 billion. In the prior month, the nation recorded a revised surplus of €16.9 billion. Moreover, the nation’s seasonally adjusted industrial production rose 0.3% on a monthly basis in May, less than market anticipations for an advance of 0.4%. In the previous month, industrial production had recorded a revised drop of 2.0%.
In the US, data showed that the consumer credit advanced by $17.1 billion in May, rising for the second consecutive month and more than market expectations for a rise to a level of $16.9 billion. In prior month, the consumer borrowing had recorded a level of $17.5 billion.
In the Asian session, at GMT0300, the pair is trading at 1.1212, with the EUR trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1201, and a fall through could take it to the next support level of 1.1191. The pair is expected to find its first resistance at 1.1228, and a rise through could take it to the next resistance level of 1.1245.
Amid lack of macroeconomic releases in the Euro-zone today, traders would await the US NFIB small business optimism for June along with the JOLTS job openings for May, scheduled to release later in the day.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
