EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.50% against the USD and closed at 1.0996, after Germany’s final consumer price inflation advanced as expected by 0.1% on a monthly basis in November.
In the US, advance retail sales rose less-than-expected by 0.2% in November, against market expectations for an advance of 0.3% following an increase of 0.1% in the previous month. On the other hand, the nation’s producer price index surprisingly rose 0.3% MoM in November, compared to a drop of 0.4% in the previous month. Market expectation was for the index to remain flat.
In other economic news, the US preliminary Reuters/Michigan consumer sentiment index climbed to a level of 91.8 in December, following a reading of 91.3 in the previous month and against investor expectations for it to record a reading of 92.0. However, business inventories in the US remained flat on a monthly basis in October, after climbing by a revised 0.1% in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.0957, with the EUR trading 0.36% lower from Friday’s close.
The pair is expected to find support at 1.0912, and a fall through could take it to the next support level of 1.0868. The pair is expected to find its first resistance at 1.1017, and a rise through could take it to the next resistance level of 1.1077.
Going ahead, investors will look forward to the Eurozone industrial production data for October, scheduled to be released in a few hours.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
