EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.56% against the USD and closed at 1.3923, after Germany agreed to leverage the European Financial Stability Facility to more than $1.39 trillion.
In Germany, the Manufacturing Output Index declined to 48.9 in October, following a reading of 50.3 posted in September. Additionally, the services Purchasing Managers’ Index (PMI) rose to 52.1 in October from 49.7 in September.
In the Eurozone, the services PMI stood at 47.2 in October, compared to 48.8 in the previous month. The manufacturing PMI declined to 47.3 in October, from 48.5 in September. Additionally, industrial new orders increased 1.9% (M-o-M) in August, following a 1.6% decline in July.
In the Asian session, at GMT0300, the pair is trading at 1.3914, with the EUR trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.3838, and a fall through could take it to the next support level of 1.3763. The pair is expected to find its first resistance at 1.3973, and a rise through could take it to the next resistance level of 1.4033.
Trading trends in the pair today are expected to be determined by release of consumer confidence data in Germany.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
