EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.30% against the USD and closed at 1.1097 on Friday.
In the US, the Markit manufacturing PMI dropped to 36.1 in April, compared to a level of 48.5 in the previous month. The preliminary figures had indicated a fall of 36.9. Additionally, the ISM manufacturing PMI fell to 41.5 in April, marking its lowest level since 2009 and less than market expectations for a drop to a level of 36.9. In the prior month, the PMI had recorded a reading of 49.1. Meanwhile, construction spending unexpectedly rose 0.9% on a monthly basis in March, defying market forecast for a drop of 3.5%. In the earlier month, construction spending had recorded a revised fall of 2.5%
In the Asian session, at GMT0300, the pair is trading at 1.0944, with the EUR trading 0.32% lower against the USD from Friday’s close.
The pair is expected to find support at 1.0915, and a fall through could take it to the next support level of 1.0887. The pair is expected to find its first resistance at 1.0995, and a rise through could take it to the next resistance level of 1.1047.
Moving ahead, traders would keep a watch on the Markit manufacturing PMIs for April across the euro area along with Euro-zone’s Sentix investor confidence index for May, slated to release in a few hours. Later in the day, US factory orders for March, would keep investors on their toes.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
