EURUSD Movement
For the 24 hours to 23:00 GMT, EUR climbed 0.26% against the USD and closed at 1.3301, following a report that revealed that number of unemployed people in Germany fell by 7,000 in June, defying expectations for a 4,000 decline. Germany’s unemployment rate remained unchanged at 6.8% in June, in line with expectations. Moreover, unemployment rate in Italy fell slightly in June from May.
The 17-nation common currency also saw support after the Federal Reserve provided no fresh clues on when the central bank would slow its pace of asset purchases.
In the Asian session, at GMT0300, the pair is trading at 1.3276, with the EUR trading 0.19% lower from yesterday’s close.
The pair is expected to find support at 1.3209, and a fall through could take it to the next support level of 1.3143. The pair is expected to find its first resistance at 1.3344, and a rise through could take it to the next resistance level of 1.3413.
On the market radar is the European Central Bank’s rate decision which is expected to influence the Euro’s movement for rest of the week. Traders would also keep a tab on manufacturing PMI data from Europe.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
