EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.14% against the USD and closed at 1.0606 as traders continued to speculate of further monetary easing by the ECB.
In economic news, Euro-zone’s private sector loans advanced 1.2% YoY in October, after increasing by 1.1% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.061, with the EUR trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0598, and a fall through could take it to the next support level of 1.0586. The pair is expected to find its first resistance at 1.0624, and a rise through could take it to the next resistance level of 1.0638.
Moving ahead, investors will concentrate on Euro-zone’s consumer confidence, industrial confidence and economic sentiment indicator data, all for the month of November, scheduled to be released in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
