EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.71% against the USD and closed at 1.0942.
In economic news, the French EU normalized consumer price inflation unexpectedly declined 0.2% MoM in November, against market expectations for a steady reading. In the previous month, the index had climbed 0.1%. Also, manufacturing production in France surprisingly fell for the second-straight month by 0.5% MoM In October, registering its biggest fall since July 2015, after registering a revised drop of 0.1% in the previous month. Investors had expected it to rise 0.1%.
On the other hand, the nation’s industrial production recorded an unexpected rise of 0.5% MoM in October, compared to a revised unchanged reading in the previous month.
In the US, initial jobless claims rose to a five-month high level of 282.0K, higher than market expectations of a rise to 270.0K. In the previous week, it had recorded a reading of 269.0K.
In the Asian session, at GMT0400, the pair is trading at 1.0934, with the EUR trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0902, and a fall through could take it to the next support level of 1.0870. The pair is expected to find its first resistance at 1.0989, and a rise through could take it to the next resistance level of 1.1044.
Going ahead, market participants will concentrate on Germany’s final consumer price inflation data for November, scheduled to be released in a few hours. Additionally, the US advance retail sales and the preliminary Reuters/Michigan consumer sentiment index data, will also garner investor attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
