EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.32% against the USD on Friday and closed at 1.1157.
In economic news, the Euro zone’s producer price index (PPI) rose 0.1% MoM in July and met market expectations, after recording a revised gain of 0.8% in the previous month.
In the US, non-farm payrolls advanced less-than-expected by 151.0 K in August, compared to a revised increase of 275.0 K in the previous month. Further, average hourly earnings of all employees in the US recorded a rise of 0.1% MoM in August, compared to an advance of 0.3% in the prior month. Also, the nation’s unemployment rate remained steady at 4.9% in August, while investors had expected it to fall to 4.8%.
Separately, US factory orders rebounded by 1.9% in July, its biggest increase in nine months, after registering a revised fall of 1.8% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.1163, with the EUR trading marginally higher against the USD from Friday’s close.
The pair is expected to find support at 1.1124, and a fall through could take it to the next support level of 1.1084. The pair is expected to find its first resistance at 1.1227, and a rise through could take it to the next resistance level of 1.1290.
Going ahead, investors look forward to the Markit services PMI for August across the Euro zone, scheduled to release in a few hours. In addition to this, the region’s Sentix investor confidence and retail sales data, will also attract market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
