EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.4% against the USD and closed at 1.3228.
On the economic front, manufacturing activity in Germany dropped unexpectedly in June. Meanwhile, manufacturing and services PMI’s in France and the Euro-zone improved slightly in June though remained in contraction territory. Additionally, consumer confidence indicator in the Euro-zone rose to a preliminary reading of -18.8 in May against the market expectations for a level of -21.5.
In the US, the weekly jobless claims rose more-than-expected by 18K to 354K in the week ending June 15, from an upwardly revised 336K claims recorded in the previous week.
Separately, manufacturing PMI in the nation dropped to a reading of 52.2 in June, from a reading of 52.3 recorded in the previous month. However, existing home sales increased by 4.2% (MoM) to a seasonally adjusted annual rate of 5.18 million in May, from 4.97 million recorded in April.
In the Asian session, at GMT0300, the pair is trading at 1.3237, with the EUR trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3174, and a fall through could take it to the next support level of 1.3111. The pair is expected to find its first resistance at 1.3286, and a rise through could take it to the next resistance level of 1.3335.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
