EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.50% against the USD and closed at 1.1119 on Friday.
In the US, data showed that advance retail sales rose 0.2% on a monthly basis in November, less than market expectations for an increase of 0.5%. In the previous month, advance retail sales had registered a revised rise of 0.4%. Meanwhile, the nation’s business inventories advanced 0.2% on a monthly basis in October, meeting market anticipations. In the prior month, business inventories recorded a revised fall of 0.1%.
In the Asian session, at GMT0400, the pair is trading at 1.1133, with the EUR trading 0.13% higher against the USD from Friday’s close.
The pair is expected to find support at 1.1101, and a fall through could take it to the next support level of 1.1070. The pair is expected to find its first resistance at 1.1175, and a rise through could take it to the next resistance level of 1.1218.
Looking ahead, traders would keep an eye on the Markit manufacturing and services PMI’s for December, slated to release across the euro bloc. Later in the day, the US NAHB housing market index and the NY Empire State Manufacturing Index along with the Markit manufacturing and services PMIs, all for December, will garner significant amount of investors’ attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
