EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.05% against the USD and closed at 1.1122.
In the US, data showed that the Philadelphia Fed manufacturing index declined to a six-month low level of 0.3 in December, more than market anticipations for a fall to a level of 8.0. In the prior month, the index had recorded a level of 10.4. Moreover, the seasonally adjusted initial jobless claims eased to a level of 234.0K in the week ended 13 December 2019, declining from a 2-year high level and compared to a level of 252.0K in the previous week. Markets were expecting initial jobless claims to fall to 225.0K. Meanwhile, the nation’s existing home sales unexpectedly declined 1.7% on monthly basis to a level of 5.35 million in November, compared to a revised level of 5.44 million in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.1117, with the EUR trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1101, and a fall through could take it to the next support level of 1.1086. The pair is expected to find its first resistance at 1.1138, and a rise through could take it to the next resistance level of 1.1160.
Looking ahead, traders would keep an eye on Euro-zone’s current account for October and consumer confidence index for December along with Germany’s Gfk consumer confidence index for January, set to release in a few hours. Later in the day, the US annualised gross domestic product for 3Q 2019, the Michigan consumer sentiment index for December followed by personal spending and personal income, both for November, will garner significant amount of investors’ attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
