EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.76% against the USD and closed at 1.1296.
In the US, the producer price index rose 0.4% on a monthly basis in May, driven by rise in food and energy prices and compared to a drop of 1.3% in the previous month. Moreover, the number of initial jobless claims dropped to 1542.0K in the week ended 05 June 2020, more than market forecast for a drop to a level of 1550.0K and compared to a revised reading of 1897.0K in the previous week.
In the Asian session, at GMT0300, the pair is trading at 1.1290, with the EUR trading 0.05% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1269, and a fall through could take it to the next support level of 1.1249. The pair is expected to find its first resistance at 1.1366, and a rise through could take it to the next resistance level of 1.1443.
Moving ahead, traders would keep a watch on Euro-zone’s industrial production for April, slated to release in a few hours. Later in the day, the US Michigan consumer sentiment index for June, would keep investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
