EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR marginally rose against the USD and closed at 1.0882.
In the US, In January, new home sales climbed 7.9% to a level of 764.00K on a monthly basis in the US, hitting its highest level in over twelve years and compared a revised reading of 708.00K in the previous month. Additionally, the MBA mortgage applications advanced 1.5% on a weekly basis in the week ended 21 February 2020, compared to a fall of 6.4% in the previous week.
In the Asian session, at GMT0400, the pair is trading at 1.0903, with the EUR trading 0.19% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.0867, and a fall through could take it to the next support level of 1.0831. The pair is expected to find its first resistance at 1.0927, and a rise through could take it to the next resistance level of 1.0951.
Looking ahead, traders would keep a close watch on Euro-zone’s consumer confidence index, business climate and economic sentiment indicator, all for February, along with the M3 money supply for January, slated to release in a few hours. Later in the day, the US gross domestic product for 4Q 2019 as well as the initial jobless claims data, will keep investors on their toes. Moreover, the US durable goods orders, factory orders and pending home sales, all for January, scheduled to release later in the day, will be on investors’ radar.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
