EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.12% against the USD and closed at 1.3789. The US Dollar gained ground against the Euro after a report showed that industrial production in the US rose 0.6% (MoM) in September, more than analysts’ expectation for a rise of 0.4% and compared to a 0.4% increase seen in the previous month.
Meanwhile, in the Euro-zone, European Central Bank (ECB) policymaker, Benoit Coeure, stated that the Euro-zone economy “has emerged from the danger zone”. However, he added that the European bloc was at a crossroads and that, for the economy to prosper it must restructure its financial sector, foster growth with new business models and avoid protectionism.
On the economic front, a report from Italy revealed that the business confidence in the nation surged to a level of 97.3 in October, defying market expectation for a fall to 96.3 from previous month’s reading of 96.8.
In the Asian session, at GMT0400, the pair is trading at 1.3774, with the EUR trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 1.3756, and a fall through could take it to the next support level of 1.3738. The pair is expected to find its first resistance at 1.3805, and a rise through could take it to the next resistance level of 1.3836.
Amid lack of major economic releases in the Euro-zone, market participants are expected to keep a tab on global economic news for further guidance in the pair.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
