EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.06% against the USD and closed at 1.1220.
In the US, data showed that the CB consumer confidence index unexpectedly declined to a level of 126.5 in December, defying market consensus for a rise to a level of 128.2. In the prior month, the index had recorded a revised reading of 126.8. Additionally, the housing price index rose 0.2% on a monthly basis in October, less than market expectations for an increase of 0.3% and compared to a revised advance of 0.7% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.1213, with the EUR trading 0.06% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1207, and a fall through could take it to the next support level of 1.1201. The pair is expected to find its first resistance at 1.1222, and a rise through could take it to the next resistance level of 1.1231.
Looking ahead, traders would await the Markit manufacturing PMI for December, set to release across the euro bloc in a few hours. Later in the day, the US Markit manufacturing PMI for December along with initial jobless claims and the MBA mortgage applications, will be on investors’ radar.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
