EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.19% against the USD and closed at 1.1400.
In economic news, Germany’s Ifo business climate index eased to 97.4 in June, less than market expectations for a drop to a level of 97.2. The index had registered a level of 97.9 in the previous month. Further, the Ifo current assessment index unexpectedly rose to a level of 100.8 in June, defying market forecast for a fall to a level of 100.3. The index had recorded a level of 100.6 in the previous month. Meanwhile, the Ifo business expectations index dropped more-than-expected to 94.2 in June. The index had registered a reading of 95.3 in the previous month.
In the US, the Chicago Fed national activity improved to a level of -0.05 in May, compared to a revised level of -0.48 in the prior month. On the other hand, the Dallas Fed manufacturing index declined to -12.1 in June, compared to a reading of -5.3 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.1402, with the EUR trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1380, and a fall through could take it to the next support level of 1.1358. The pair is expected to find its first resistance at 1.1417, and a rise through could take it to the next resistance level of 1.1432.
In absence of key macroeconomic releases in the Euro-zone today, investors would direct their attention to the US house price index for April and new home sales for May, due later today. Moreover, the US Richmond Fed Manufacturing Index and the consumer confidence index, both for June, will also be eyed by traders.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
