EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.27% against the USD and closed at 1.1405.
In the Asian session, at GMT0300, the pair is trading at 1.1412, with the EUR trading 0.06% higher against the USD from yesterday’s close.
In Italy, Europe’s third largest economy, the final consumer price index advanced 1.5% on an annual basis in July, confirming the preliminary print and higher than market expectations for an advance of 1.4%. The consumer price index had recorded a revised rise of 1.4% in the prior month.
The pair is expected to find support at 1.1374, and a fall through could take it to the next support level of 1.1335. The pair is expected to find its first resistance at 1.1442, and a rise through could take it to the next resistance level of 1.1471.
Going ahead, investors will closely monitor Euro-zone’s 2Q gross domestic product (GDP) data along with industrial production for June, slated to release in a few hours. Additionally, Germany’s 2Q GDP and the consumer price index for July, will keep investors on their toes. Later in the day, the US NFIB small business optimism index for July, would pique significant amount of investor attention.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
