EURUSD Movement
On Friday, the EUR declined 1.03% against the USD and closed at 1.1297.
On the macro front, the Euro-zone’s seasonally adjusted current account surplus dropped to a level of €22.6 billion in July, after registering a downwardly revised surplus of €24.9 billion.
In the US, the leading economic indicators increased less than expected by 0.1% in August. It followed a decline of 0.2% recorded in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.1307, with the EUR trading 0.09% higher from Friday’s close.
Over the weekend, the San Francisco Fed President, John Williams opined that the Fed’s decision to hold interest rate near zero was a close one, and believed that it is appropriate to raise short-term interest rates this year. Further, he remained upbeat about the US economic growth and continued improvement in the labour market.
The pair is expected to find support at 1.1231, and a fall through could take it to the next support level of 1.1155. The pair is expected to find its first resistance at 1.1422, and a rise through could take it to the next resistance level of 1.1537.
Going ahead, investors would look at Germany’s producer price index data, scheduled in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
