EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR slightly declined against the USD and closed at 1.1047.
In the US, data showed that the NFIB small business optimism index fell to a 5-month low level of 103.1 in August, more than market expectations for a fall to 103.5. The index had recorded a reading of 104.7 in the previous month. Moreover, the nation’s JOLTs job openings unexpectedly fell to a level of 7217.0K in July, defying market anticipations for an advance to a level of 7300.0K. The JOLTs job openings had recorded a revised reading of 7248.0K in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.1047, with the EUR trading flat against the USD from yesterday’s close.
The pair is expected to find support at 1.1021, and a fall through could take it to the next support level of 1.1012. The pair is expected to find its first resistance at 1.1050, and a rise through could take it to the next resistance level of 1.1070.
Amid lack of macroeconomic releases in Euro-zone today, investors would await the US producer price index for August along with the MBA mortgage applications, set to release later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
