EURUSD Movement
On Friday, EUR declined 0.11% against the USD and closed at 1.3336, as risk aversion prevailed among investors after the preliminary US consumer sentiment index declined to a reading of 80.0 in August, from a final reading of 85.1 in July. Moreover, housing starts and building permits in the US rose less than market expectations in July.
On the Euro-zone’s economic front, current account surplus declined to €16.9 billion in June, while the adjusted trade surplus widened to €14.9 billion in June. Separately, the final consumer price index advanced 1.6% in July.
In the Asian session, at GMT0300, the pair is trading at 1.3328, with the EUR trading slightly lower from Friday’s close.
The pair is expected to find support at 1.3298, and a fall through could take it to the next support level of 1.3269. The pair is expected to find its first resistance at 1.3369, and a rise through could take it to the next resistance level of 1.3411.
In the absence of any major economic event in Europe and the US, trading in the pair shall be impacted by general market trends.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
