EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.07% against the USD and closed at 1.1603.
On the macro front, the Euro-zone’s ZEW economic sentiment index climbed to a level of -7.2 in September, following a reading of -11.1 in the prior month.
Meanwhile, in Germany, the ZEW economic sentiment index advanced to a 4-month high level of -10.6 in September, higher than market expectations for an advance to a level of -13.0. The index had registered a level of -13.7 in the previous month. However, the ZEW survey current situation index unexpectedly advanced to a level of 76.0 in September, compared to a reading of 72.6 in the prior month.
In the US, data showed that the NFIB small business optimism index jumped to a level of 108.8 in August, helped by President, Donald Trump’s tax policies and notching its highest level in 45 years. The index had recorded a reading of 107.9 in the previous month, while market participants had anticipated for a rise to a level of 108.1.
In the Asian session, at GMT0300, the pair is trading at 1.1592, with the EUR trading 0.09% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1557, and a fall through could take it to the next support level of 1.1523. The pair is expected to find its first resistance at 1.1635, and a rise through could take it to the next resistance level of 1.1679.
Moving forward, investors would closely monitor Euro-zone’s industrial production for July, set to release in a few hours. Later in the day, the US producer price index for August and the Federal Reserve Beige Book report will keep traders on their toes.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
