EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.11% against the USD and closed at 1.1092.
In the US, data showed that durable goods orders unexpectedly fell by 2.0% in November, defying market expectations for a rise of 1.5% and compared to a revised rise of 0.2% in the previous month. Meanwhile, the Chicago Fed National Activity Index improved to 0.6 in November, compared to a revised reading of -0.8 in the prior month. Additionally, new home sales increased by 1.3% to an annual rate of 719.0K in November, compared to a revised level of 710.0K in October. Market participants had expected new home sales to rise to a level of 728.0K.
In the Asian session, at GMT0400, the pair is trading at 1.1090, with the EUR trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1075, and a fall through could take it to the next support level of 1.1059. The pair is expected to find its first resistance at 1.1101, and a rise through could take it to the next resistance level of 1.1111.
Looking ahead, investors would keep an eye on the US Richmond Fed manufacturing index for December, slated to release later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
