EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.30% against the USD and closed at 1.1590.
In the US, building permits unexpectedly retreated 1.9% on a MoM basis in December, compared to previous month’s revised 3.7% drop. Markets were expecting it to rise 0.8%. On the other hand, the nation’s housing starts rebounded 4.4% on a MoM basis in December, higher than expected increase of 1.2%. It had eased 4.5% in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.1606, with the EUR trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.1542, and a fall through could take it to the next support level of 1.1478. The pair is expected to find its first resistance at 1.1676, and a rise through could take it to the next resistance level of 1.1745.
Trading trends in the Euro today are expected to be determined by the ECB’s crucial interest rate decision, scheduled later today. Meanwhile, investors would keep a close eye on the US weekly initial jobless claims data, scheduled later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
