EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.07% against the USD and closed at 1.1216.
The US Federal Reserve, in its monthly budget statement, showed that the US budget deficit widened to $119.7 billion in July, driven by surge in spending and compared to a deficit of USD8.5 bn in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.1194, with the EUR trading 0.19% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1161, and a fall through could take it to the next support level of 1.1127. The pair is expected to find its first resistance at 1.1229, and a rise through could take it to the next resistance level of 1.1264.
Looking ahead, traders would keep an eye on Germany’s consumer price index for July and the ZEW survey indices for August, slated to release in a few hours. Later in the day, the US NFIB small business optimism index and the consumer price index, both for July, will be on traders’ radar.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
