EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.23% against the USD and closed at 1.0998.
Yesterday, the ECB President, Mario Draghi, defended the central bank’s latest monetary policy measure and stated that he expects Euro-zone inflation to reach the targeted 2.0% “without undue delay”. He further reiterated that the central bank will use all monetary policy tools at its disposal to stimulate price growth, if necessary.
In other economic news, industrial production in the Euro-zone rebounded more-than-expected by 0.6% MoM in October, compared to a drop of 0.3% in the previous month. Markets were anticipating industrial production to advance 0.3%.
In the Asian session, at GMT0400, the pair is trading at 1.1013, with the EUR trading 0.14% higher from yesterday’s close.
The pair is expected to find support at 1.0956, and a fall through could take it to the next support level of 1.0898. The pair is expected to find its first resistance at 1.1060, and a rise through could take it to the next resistance level of 1.1107.
Moving ahead, market participants will look forward to Euro-zone and Germany’s ZEW economic sentiment survey data for December, scheduled to be released in a few hours. Additionally, the US consumer price inflation data for November due later in the day, will also garner a lot of investor attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
