EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.37% against the USD and closed at 1.1595.
In the economic news, the Euro-zone’s Sentix investor confidence index slid to a level of 12.0 in September, compared to a reading of 14.7 in the prior month. Market participants had envisaged the index to decline to a level of 14.3.
In the US, data showed that consumer credit advanced $16.6 billion in July, compared to a revised gain of $8.5 billion in the previous month. Market participants had anticipated consumer credit to climb to a level of $14.0 billion.
In the Asian session, at GMT0300, the pair is trading at 1.1591, with the EUR trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1539, and a fall through could take it to the next support level of 1.1488. The pair is expected to find its first resistance at 1.1629, and a rise through could take it to the next resistance level of 1.1668.
Moving ahead, investor’s will closely monitor the Euro-zone’s ZEW economic sentiment index for September along with Germany’s ZEW survey indices for September, set to release in a few hours. Also, the US NIFB small business optimism index for August, due to be released in a few hours, will garner significant amount of investors’ attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
