EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.42% against the USD and closed at 1.3335 as investor preference for the safe-haven dollar, amid the ongoing Syrian crisis, weighed on the demand for the Euro. In the Euro-zone, M3 money supply grew 2.2% (YoY) in July, surpassing consensus for a 2.0% rise and compared to a 2.4% increase recorded in the previous month. Separately, the ECB reported that private loans in the region declined 1.9% (YoY) during July, more than analysts’ expectation for a drop of 1.5% and following a 1.6% fall seen in the earlier month. Meanwhile, the German GfK consumer confidence for September eased to a level of 6.9, defying market expectation for a rise to 7.1, from a reading of 7.0 registered in the previous month.
Elsewhere, in the US a report showed that pending home sales fell 1.3% (MoM) during July, defying consensus estimate for a 0.2% rise and following a 0.4% drop registered in the earlier month.
In the Asian session, at GMT0300, the pair is trading at 1.3338, with the EUR trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3297, and a fall through could take it to the next support level of 1.3257. The pair is expected to find its first resistance at 1.3385, and a rise through could take it to the next resistance level of 1.3433.
Investors await the release of German unemployment and consumer inflation data, scheduled to be released later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
