EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.29% against the USD and closed at 1.1517.
In the macro news, Germany’s Markit construction PMI eased to a level of 50.2 in September, compared to a reading of 51.5 in the previous month.
In the US, data showed that the US factory orders advanced to a 11-month high level of 2.3% on a monthly basis in August, after registering a drop of 0.5% in the preceding month. Market participants had envisaged factory orders to climb by 2.1%. Moreover, the nation’s final durable goods orders rebounded 4.4% on a monthly basis in August, compared to a fall of 1.2% in the prior month. The preliminary figures had recorded a gain of 4.5%, while market participants had expected for a rise of 4.5%. Additionally, the number of Americans filing for fresh unemployment benefits unexpectedly slid to a level of 207.0K in the week ended 29 September 2018, compared to a revised level of 215.00K in the prior week.
In the Asian session, at GMT0300, the pair is trading at 1.1507, with the EUR trading 0.09% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1466, and a fall through could take it to the next support level of 1.1426. The pair is expected to find its first resistance at 1.1545, and a rise through could take it to the next resistance level of 1.1584.
Going forward, investors would closely monitor Germany’s factory orders and producer price index, both for August, set to release in a while. Later in the day, the US trade balance data for August followed by the US non-farm payrolls, unemployment rate and average hourly earnings, all for September, will keep trades on their toes.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
