EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.14% against the USD and closed at 1.3190 as the latest batch of mixed manufacturing PMI data from the member countries of Euro-zone weighed on investors’ sentiment. Markit manufacturing PMI for Germany rose to a level of 51.8 during August, lower than analysts’ expectation for a rise to 52.0 and compared to a reading of 50.7 recorded in the previous month. Meanwhile, Markit manufacturing PMI for France came in flat, at a reading of 49.7, meeting analysts’ expectation for August.
However, negative sentiment eased after Markit Economics reported that its manufacturing PMI on the Euro-zone advanced to a two-year high reading of 51.4 in August, more than market consensus for an increase to 51.3 and following a level of 50.3 registered in the earlier month. Traders also welcomed positive manufacturing data from Italy and Spain.
In the Asian session, at GMT0300, the pair is trading at 1.3190, with the EUR trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.3172, and a fall through could take it to the next support level of 1.3155. The pair is expected to find its first resistance at 1.3218, and a rise through could take it to the next resistance level of 1.3247.
Investors await the release of Euro-zone’s producer inflation data, scheduled to release later during the day.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
