EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.14% against the USD and closed at 1.1767.
Macroeconomic data showed that US housing price index climbed 0.2% on a monthly basis in July, falling short of market expectations for an advance of 0.3%. In the prior month, the index had recorded a revised gain of 0.3%. Moreover, the nation’s Richmond Fed manufacturing index unexpectedly increased to a level of 29.0 in September, notching its highest level since inception and compared to market consensus for a drop to a level of 20.0. In the preceding month, the index had registered a reading of 24.0. Additionally, the CB consumer confidence index surprisingly rose to a level of 138.4 in September, hitting its highest level since September 2000 and defying market anticipations for a drop to a level of 132.0. The index had recorded a revised level of 134.7 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.1765, with the EUR trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1733, and a fall through could take it to the next support level of 1.1701. The pair is expected to find its first resistance at 1.1795, and a rise through could take it to the next resistance level of 1.1825.
In absence of macroeconomic releases in the Euro-zone today, investors will look forward to the US Federal Reserve’s interest rate decision and the MBA mortgage applications due later in the day. Additionally, the US new home sales data for August will keep investors on their toes.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
