EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 1.59% against the USD and closed at 1.1284, as Germany’s industrial production data surpassed market expectations.
Data released indicated that industrial production in Germany rebounded 0.90% on a monthly basis, posting its biggest gain in 2015 and beating market expectations for a rise of 0.60%. In the prior month, industrial production had dropped by a revised 0.40%.
Other economic data showed that the nation’s the seasonally adjusted trade surplus narrowed to €22.10 billion in April, from a surplus of €23.10 billion in March, albeit markets were anticipating a trade surplus of €19.40 billion. On the other hand, the Euro-zone’s Sentix investor confidence index eased more than forecasted to a four-month low of 17.1 in June, compared to previous month’s reading of 19.6, thus dampened investor optimism over the economic outlook of the region.
In the Asian session, at GMT0300, the pair is trading at 1.1322, with the EUR trading 0.34% higher from yesterday’s close.
The pair is expected to find support at 1.1161, and a fall through could take it to the next support level of 1.100. The pair is expected to find its first resistance at 1.1410, and a rise through could take it to the next resistance level of 1.1498.
Trading trends in the Euro today are expected to be determined by the Euro-zone’s Q1 GDP data, set for release in a few hours. Meanwhile, investors remain cautious amid the ongoing negotiations between Greece and its creditors.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
