EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose marginally against the USD and closed at 1.0836.
In economic news, the Eurozone’s seasonally adjusted current account surplus narrowed to €20.4 billion in October, from a revised current account surplus of €30.1 billion in the previous month.
In the US, the preliminary Markit services PMI declined more-than-expected to a level of 53.7 in December, compared to a reading of 56.1 in the previous month and against investor expectations for it to ease to a level of 55.9. Moreover, the nation’s Kansas City Fed manufacturing activity index surprisingly fell to a level of 9.0 in December, compared to market expectations for it to advance to a level of 2.0. The index had recorded a reading of 1.0 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.0868, with the EUR trading 0.29% higher from Friday’s close.
The pair is expected to find support at 1.0820, and a fall through could take it to the next support level of 1.0773. The pair is expected to find its first resistance at 1.0900, and a rise through could take it to the next resistance level of 1.0932.
Going ahead, market participants will look forward to the Eurozone’s preliminary consumer confidence index data for December, scheduled to be released later today. Additionally, the US Chicago Fed national activity index data for November due later in the day will also grab investor attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
