EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.09% against the USD and closed at 1.1084.
On the data front, Euro-zone’s, ZEW economic sentiment index unexpectedly jumped to a level of 25.6 in January, defying market expectations for a fall to a level of 5.5 and compared to a level of 11.2 in the previous month. Separately, in Germany, the ZEW current situation index climbed to a level of -9.5 in January, more than market forecast for a rise to a level of 15.0 and compared to a level of -19.9 in the previous month. Additionally, the ZEW economic sentiment index climbed to a level of 26.7 in January, as the US-China phase 1 deal eased trade tensions and hitting it highest level since July 2015. In the prior month, the index had recorded a level of 10.7 in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.1081, with the EUR trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1066, and a fall through could take it to the next support level of 1.1051. The pair is expected to find its first resistance at 1.1107, and a rise through could take it to the next resistance level of 1.1133.
In absence of key macroeconomic releases in the Euro-zone today, investors would direct their attention to the US existing home sales data and the Chicago Fed National Activity Index, both for December along with the MBA mortgage applications, slated to release later in the day. Moreover, the US house price index for November will also be on tab.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
