EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.13% against the USD and closed at 1.1113.
In the US, data showed that the pending home sales advanced to its highest level in 21 months by 3.9% on a yearly basis in September, benefitting from lower mortgage rates and compared to a rise of 2.5% in the prior month. Market participants had expected pending home sales to record a climb of 1.4%. Meanwhile, the nation’s CB consumer confidence index dropped for the third consecutive month to a level of 125.9 in October, compared to a revised reading of 126.3 in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.1109, with the EUR trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1082, and a fall through could take it to the next support level of 1.1056. The pair is expected to find its first resistance at 1.1127, and a rise through could take it to the next resistance level of 1.1146.
Looking ahead, traders would await Euro-zone’s consumer confidence, services sentiment, and industrial confidence, all for October along with Germany’s unemployment rate and consumer price index, both for October, set to release in a few hours. Later in the day, the US Federal Reserve’s interest rate decision followed by the US ADP employment change for October and annualised gross domestic product for Q3, will pique significant amount of investors’ attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
