EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.18% against the USD and closed at 1.1130.
In the US, data showed that the Richmond Fed manufacturing index unexpectedly advanced to a level of 8.0 in October, defying market expectations for a drop to a level of -14.0. In the prior month, the index had registered a level of -9.0. Meanwhile, the nation’s existing home sales declined more-than-expected by 2.2% on a monthly basis, to a level of 5.38 million in September, compared to a reading of 5.49 million in the prior month. Market participants had envisaged existing home sales to fall to a level of 5.45 million.
In the Asian session, at GMT0300, the pair is trading at 1.1120, with the EUR trading 0.09% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1106, and a fall through could take it to the next support level of 1.1093. The pair is expected to find its first resistance at 1.1145, and a rise through could take it to the next resistance level of 1.1171.
Going ahead, traders would await Euro-zone’s consumer confidence index for October, set to release in few hours. Later in the day, the US housing price index for August along with the MBA mortgage applications, will garner significant amount of investors’ attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
