EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.42% against the USD and closed at 1.1277.
In economic news, the Euro-zone’s seasonally adjusted current account surplus widened to €36.2 billion in April, following a revised surplus of €26.3 billion in the prior month. Additionally, the region’s labour costs growth accelerated 1.7% YoY in 1Q 2016, its second consecutive growth, after advancing by 1.3% in the previous month.
In the US, housing starts eased 0.3% MoM in May to an annual rate of 1164.0K, compared to a revised level of 1167.0K in the prior month. Moreover, the nation’s building permits advance less-than-expected by 0.7% MoM in May, to an annual rate of 1138.0K, compared to market expectations of 1145.00 K. In the previous month, building permits had recorded a revised reading of 1130.0K.
In the Asian session, at GMT0300, the pair is trading at 1.1356, with the EUR trading 0.7% higher against the USD from Friday’s close.
The pair is expected to find support at 1.1264, and a fall through could take it to the next support level of 1.1171. The pair is expected to find its first resistance at 1.1405, and a rise through could take it to the next resistance level of 1.1453.
Moving ahead, Germany’s producer prices data for May and Euro-zone’s construction output data for April are scheduled to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
