EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 1.08% against the USD and closed at 1.1320.
Yesterday, the ECB policymaker, Yves Mersch stated that the ECB would continue with its QE program and have no intention of prematurely ending it, which is aimed at reversing the deflation trends in the Euro-economy.
In the US, data showed that the housing market index dropped unexpectedly to a level of 54.00 in May, compared to prior month’s reading of 56.0
Separately, the Chicago Fed President, Charles Evans reiterated that the Fed should refrain from raising interest rates in 2015. However, he remained upbeat about the outlook for growth and hiring.
In the Asian session, at GMT0300, the pair is trading at 1.1296, with the EUR trading 0.21% lower from yesterday’s close.
The pair is expected to find support at 1.1238, and a fall through could take it to the next support level of 1.1180. The pair is expected to find its first resistance at 1.1401, and a rise through could take it to the next resistance level of 1.1506.
Trading trends in the Euro today are expected to be determined by Germany’s ZEW survey along with the Euro-zone’s CPI data, scheduled in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
