EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.64% against the USD and closed at 1.1207.
The US dollar gained ground against major currencies, amid upbeat domestic retail sales data.
In the US, data showed that advance retail sales climbed 0.5% on a monthly basis in May, signalling a rise in consumer spending and undershooting market expectations for a rise of 0.6%. Advance retail sales had recorded a revised climb of 0.3% in the prior month. Moreover, the US manufacturing (SIC) production rose 0.2% on a monthly basis in May, meeting market expectations. In the prior month, manufacturing production had recorded a decline of 0.5%. Also, the nation’s industrial production rebounded 0.4% on a monthly basis in May, compared to a revised drop of 0.4% in the prior month. Market had anticipated industrial production to register a rise of 0.2%.
On the other hand, the US preliminary Reuters/Michigan consumer sentiment index fell more than expected to a level of 97.9 in June, amid tariff concerns and lower domestic job opportunities. In the prior month, the index had recorded a level of 100.0.
In the Asian session, at GMT0300, the pair is trading at 1.1221, with the EUR trading 0.12% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1186, and a fall through could take it to the next support level of 1.1152. The pair is expected to find its first resistance at 1.1272, and a rise through could take it to the next resistance level of 1.1324.
Amid lack of macroeconomic releases in the Euro-zone today, investors would focus on the US empire manufacturing index and the NAHB housing market index, both for June, slated to release later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
