EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.14% against the USD and closed at 1.3168. The USD gained ground, following upbeat economic data from the US.
In the US, the orders for the durable goods climbed a record 22.6% (M-o-M) in July, following an upwardly revised increase of 2.7% in the previous month and outpacing market forecast for a 7.5% advance. Additionally, the consumer confidence in the US rose to its highest level since October 2007 to a reading of 92.4 in August, beating market expectations for a reading of 89.0 and compared to 90.3 in July. Other data indicated that the Richmond Fed manufacturing index climbed to 12 in August, from 7 in July and beating consensus expectation of a level of 6. Also, the seasonally adjusted redbook index in the US rose 0.5% (M-o-M) in the week ended 22 August 2014, following a similar rise in the previous week. Meanwhile, the house price growth in the US continued to slow in June. The S&P/Case Shiller’s national house price index rose 8.1% in June, on annual basis, down from 9.3% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3165, with the EUR trading tad lower from yesterday’s close.
The pair is expected to find support at 1.314, and a fall through could take it to the next support level of 1.3115. The pair is expected to find its first resistance at 1.3203, and a rise through could take it to the next resistance level of 1.3241.
Trading trends in the Euro today are expected to be determined by German consumer confidence data, scheduled in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
