EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.06% against the USD and closed at 1.1933.
In economic news, Germany’s consumer prices remained unchanged on a monthly basis in December, less than market expectations for a rise of 0.1%. In the previous month, the CPI had registered a flat reading. Meanwhile, the Sentix investor confidence in the Euro-zone improved for the 3rd consecutive month in January to a level of 0.9, compared to a reading of -2.5 in the prior month, showing growing investor optimism over the region’s economy.
Elsewhere, in Spain, number of people unemployed recorded a drop of 64.40 K in December, lower than market expectations of a decline of 72.0 K and compared to a decline of 14.7 K in the prior month.
In the US, the New York City current business condition index climbed to 70.8 in December, compared to preceding month’s level of 62.4.
Separately, the San Francisco Fed President John Williams, opined that the pace of increase in interest rates after an initial liftoff should be gradual, citing that the US economy still requires the central bank’s easy monetary policy. He also indicated that the Fed policymakers have been discussing to raise the nation’s interest rates by mid of 2015.
In the Asian session, at GMT0400, the pair is trading at 1.1944, with the EUR trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1.1895, and a fall through could take it to the next support level of 1.1846. The pair is expected to find its first resistance at 1.1985, and a rise through could take it to the next resistance level of 1.2026.
Trading trends in the pair today are expected to be determined by the services PMI data from the Euro-zone and its peripheries, scheduled in few hours. Additionally, the US ISM non-manufacturing PMI data would keep investors on their toes, scheduled later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
