EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.63% against the USD and closed at 1.0950.
The US dollar rose against a basket of currencies, amid renewed optimism over US-China trade deal.
In the US, data showed that the new home sales unexpectedly rose 7.1% to a level of 713.0K in August, hitting its highest level since 2007 and defying market expectations for a fall to a level of 660.0K. In the prior month, new home sales had registered a revised reading of 666.0K. Moreover, the nation’s mortgage applications tumbled 10.1% on a weekly basis in the week ended 20 September 2019, following a drop of 0.1% in the previous week.
In the Asian session, at GMT0300, the pair is trading at 1.0959, with the EUR trading 0.08% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.0978, and a fall through could take it to the next support level of 1.0924. The pair is expected to find its first resistance at 1.1045, and a rise through could take it to the next resistance level of 1.1058.
Looking ahead, traders would keep an eye on Euro-zone’s M3 money supply for August, along with Germany’s GfK consumer confidence index for October, set to release in a few hours. Also, investors would keep a close watch on the ECB President, Mario Draghi’s speech due later today. Later in the day, the US gross domestic product for 2Q, advance goods trade balance and pending home sales, both for August followed by initial jobless claims, will garner significant amount of investors’ attention.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
