EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR marginally rose against the USD and closed at 1.1236.
The US Dollar lost ground after the Federal Reserve Governor, Lael Brainard, stated that the case for a tighter monetary policy has become less compelling and that the improvement in the US labour market hasn’t had the desired effect on inflation.
In the Asian session, at GMT0300, the pair is trading at 1.1230, with the EUR trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1204, and a fall through could take it to the next support level of 1.1177. The pair is expected to find its first resistance at 1.1262, and a rise through could take it to the next resistance level of 1.1293.
Going ahead, investors look forward to a speech by the European Central Bank (ECB) President, Mario Draghi along with Germany’s consumer price index data for August. In the US, the NFIB business optimism index for August is awaited.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
