EURUSD Movement
For the 24 hours to 23:00 GMT, EUR traded 0.63% higher against the USD and closed at 1.3274, as economic indicators released yesterday pointed to economic recovery of the region.
The IFO business climate indicators in Germany ticked up in July, followed by rise in consumer confidence index in Italy. Meanwhile, M3 money supply and private loans data in the Euro-zone showed sluggish growth in June.
In Spain, unemployment fell for the first time in two years in the second quarter, boosting Prime Minister, Mariano Rajoy’s prediction for an economic recovery.
The greenback was pressurized as disappointing weekly jobless claims data in the US reassured investors that Fed would have an accommodative tone at next week’s meeting.
In the Asian session, at GMT0300, the pair is trading at 1.3282, with the EUR trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3200, and a fall through could take it to the next support level of 1.3118. The pair is expected to find its first resistance at 1.3330, and a rise through could take it to the next resistance level of 1.3378.
Economic events slated today include import price index from Germany and consumer confidence index from France.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
