EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.66% against the USD and closed at 1.1290, extending its previous session gains.
In the US, data showed that number of initial jobless claims dropped to 275.00 K in the week ended 05 September 2015, at par with market expectations, following a revised level of 281.00 K, thereby suggesting strengthening of the US labour market.
Other economic data indicated the seasonally adjusted wholesale inventories in the US unexpectedly fell 0.10% MoM in July, lower than market expectations for an advance of 0.30%. In the previous month, the wholesale inventories had risen by a revised 0.70%.
In the Asian session, at GMT0300, the pair is trading at 1.1284, with the gold trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.1202, and a fall through could take it to the next support level of 1.1121. The pair is expected to find its first resistance at 1.1334, and a rise through could take it to the next resistance level of 1.1384.
Trading trends in the Euro today are expected to be determined by Germany’s consumer price inflation data, scheduled in a few hours. Additionally, the US consumer confidence data, scheduled later today, would be closely monitored by market participants.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
