EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.70% against the USD and closed at 1.1728 on Friday.
On the data front, Euro-zone’s current account surplus narrowed to €22.4 billion in May, reaching its lowest level since March 2015 and compared to a revised surplus of €29.6 billion in the prior month.
Meanwhile, in Germany, the producer price index (PPI) climbed 3.0% on a yearly basis in June, in line with market expectations and at the fastest pace in nine months. In the previous month, the index had recorded an advance of 2.7% .
In the Asian session, at GMT0300, the pair is trading at 1.1733, with the EUR trading slightly higher against the USD from Friday’s close.
The pair is expected to find support at 1.1661, and a fall through could take it to the next support level of 1.1588. The pair is expected to find its first resistance at 1.1778, and a rise through could take it to the next resistance level of 1.1822.
Moving ahead, investors would await Euro-zone’s consumer confidence index for July, set to release later in the day. Also, the US existing home sales and the Chicago Fed national activity index, both for June, will keep investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
