EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.46% against the USD and closed at 1.1218.
In economic news, Eurozone’s producer price index (PPI) rose at fastest pace in almost four years by 0.7% MoM in June, compared to market expectations for a rise of 0.4% and following a gain of 0.6% in the previous month.
In the US, personal spending advanced more-than-forecasted by 0.4% in June, indicating that consumption will continue to remain on a solid footing. Markets expected it to advance by 0.3%, following a similar rise in the prior month. Also, the nation’s personal income rose by 0.2% on a monthly basis in June, less than market consensus for a rise of 0.3% and after recording a similar rise in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.1207, with the EUR trading 0.1% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1167, and a fall through could take it to the next support level of 1.1127. The pair is expected to find its first resistance at 1.1240, and a rise through could take it to the next resistance level of 1.1273.
Moving ahead, investors will look forward to final Markit services PMI for July across Euro-zone, due to release in a few hours. Meanwhile, in the US, ADP employment change, ISM non-manufacturing PMI and Markit services PMI, all for July, slated to release later in the day, will also attract a significant market attention.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
