EURUSD Movement
On Friday, EUR rose 0.34% against the USD and closed at 1.3406. In economic news, Germany, Euro-zone’s biggest economy, registered a decline in its trade surplus. The seasonally adjusted trade surplus in Germany narrowed to €16.2 billion in June, following a trade surplus of €18.8 billion reported in the prior month. Market anticipations were for the nation to record a trade surplus of €18.9 billion in June. Meanwhile, the French industrial output advanced 1.6% in June, on a monthly basis, compared to a fall of 2.3% in the previous month. Markets were expecting it to climb 1.5%.
In the US, the non-farm productivity surprisingly rose 2.5% in Q2, from a decline of 4.5% in the preceding quarter. Market had expected it to advance 1.6%. Elsewhere, the US wholesale inventory rose 0.3% in June, the same as in the previous month. Additionally, the unit labour costs in the US climbed by 0.6% in Q2.
In the Asian session, at GMT0300, the pair is trading at 1.34, with the EUR trading tad lower from Friday’s close.
The pair is expected to find support at 1.3354, and a fall through could take it to the next support level of 1.3307. The pair is expected to find its first resistance at 1.344, and a rise through could take it to the next resistance level of 1.3479.
Amid a lack of economic releases for the Euro-region, trading trends in the Euro would be determined by global events.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
