EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose marginally higher against the USD and closed at 1.1660
On the data front, Euro-zone’s final service PMI rose more than estimated to a level of 55.2 in June, compared to a 16-month low reading of 53.8 reported in the prior month. Market had anticipated the PMI to climb to a level of 55.0. The preliminary figures had indicated an advance to a level of 55.0.
Moreover, Germany’s final services PMI rebounded to a 4-month high level of 54.5 in June, following market expectations for an advance to a level of 53.9. The preliminary figures had indicated a rise to 53.9. In the prior month, the PMI had registered a reading of 52.1.
In the US, data indicated that the US MBA mortgage applications eased by 0.5% on a weekly basis in the week ended 29 June, following a drop of 4.9% in the prior week.
In the Asian session, at GMT0300, the pair is trading at 1.1662, with the EUR trading a tad higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1635, and a fall through could take it to the next support level of 1.1607. The pair is expected to find its first resistance at 1.1686, and a rise through could take it to the next resistance level of 1.1709.
Moving ahead, investors would keep an eye on Germany’s factory orders for May, slated to release in a while. Later in the day, the US FOMC meeting minutes and initial jobless claims along with the US Markit services PMI and ADP employment change, both for June, will keep the investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
