EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.65% against the USD and closed at 1.1003.
In the US, data showed that the NY Empire State manufacturing index fell to 2.0 in September, more than market expectations for a drop to a level of 4.0. The index had recorded a level of 4.8 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.1012, with the EUR trading 0.08% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.0989, and a fall through could take it to the next support level of 1.0948. The pair is expected to find its first resistance at 1.1077, and a rise through could take it to the next resistance level of 1.1124.
Looking ahead, traders would keep a close watch on the Euro-zone’s ZEW economic sentiment index and Germany’s ZEW survey indices, both for September, slated to release in a few hours. Moreover, the US industrial production for August and the NAHB housing market index for September, slated to release later in the day, will keep investors on their toes.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
