EUR/USD: Euro reverses its gains in the morning session


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.06% against the USD and closed at 1.1879.

On the data front, Germany’s factory orders jumped 27.9% on a monthly basis in June, more than market forecast for rise of 10.0% and compared to a rise of 10.4% in the prior month.

In the US, initial jobless claims dropped to 1186.0K in the week ended 31 July 2020, more than market expectations for a drop to a level of 1415.0K and compared to a revised reading of 1435.0K in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.1839, with the EUR trading 0.34% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.1799, and a fall through could take it to the next support level of 1.1760. The pair is expected to find its first resistance at 1.1897, and a rise through could take it to the next resistance level of 1.1956.

Going forward, traders would keep a watch on Germany’s trade balance, current account and industrial production, all for June, slated to release in a few hours. Later in the day, the US nonfarm payrolls, average hourly earnings and the unemployment rate, all for July along with consumer credit demand for June, would keep investors on their toes.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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