EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.43% against the USD and closed at 1.1028, extending its previous session losses.
In the US, building permits dipped more than expected on a monthly basis in July, compared to a downwardly revised 7.0% increase recorded in the preceding month. Meanwhile, housing starts in the nation advanced 0.2% MoM in July, lower than market expected rise of 0.5% and following a revised gain of 12.3% in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.1049, with the EUR trading 0.19% higher from yesterday’s close.
The pair is expected to find support at 1.1013, and a fall through could take it to the next support level of 1.0976. The pair is expected to find its first resistance at 1.109, and a rise through could take it to the next resistance level of 1.1132.
Trading trends in the pair today are expected to be determined by the crucial US consumer price inflation data, scheduled later today, which is expected to throw light on Fed’s timeline on interest rate hike.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
