EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR marginally declined against the USD and closed at 1.1313.
In the US, the NAHB housing market index remained steady for the fourth consecutive month at a level of 58.0 in May. Market anticipation was for the housing market index to climb to a level of 59.0. On the other hand, the NY Empire State manufacturing index contracted to a level of 9.02 in May, as manufacturers received fewer orders and shipments fell. Investors had expected it to drop to a level of 6.5, following a reading of 9.56 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.1324, with the EUR trading 0.1% higher from yesterday’s close.
The pair is expected to find support at 1.1303, and a fall through could take it to the next support level of 1.1281. The pair is expected to find its first resistance at 1.1344, and a rise through could take it to the next resistance level of 1.1363.
Going ahead, investors will look forward to the Euro-zone’s trade balance data for March, scheduled to release in a few hours. Additionally, the US consumer price index, industrial production and housing starts data, due later today, will also attract a significant amount of market attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
