EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.47% against the USD and closed at 1.0912, after the Euro-zone’s preliminary consumer confidence index surprisingly advanced in December.
Data showed that the region’s flash consumer confidence index unexpectedly rose to a level of -5.7, compared to investor expectations of it to remain steady at -5.9. Further, the German producer price index fell 0.2% MoM in November, in line with market expectations, following a 0.4% decline in the previous month.
The greenback lost ground, after the US Chicago Fed national activity index unexpectedly dropped to a level of 0.3 in November, compared to a reading of -0.2 in the previous month and against investor expectations of an advance to a level of 0.1.
In the Asian session, at GMT0400, the pair is trading at 1.0914, with the EUR trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0861, and a fall through could take it to the next support level of 1.0809. The pair is expected to find its first resistance at 1.0953, and a rise through could take it to the next resistance level of 1.0993.
Going ahead, market participants will look forward to Germany’s Gfk consumer confidence index data for January, scheduled to be released in a few hours. Moreover, the US Q3 GDP and existing home sales data for November, due later today, will also pique investor interest.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
