EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.38% against the USD and closed at 1.0687.
Macroeconomic data showed that Euro-zone’s consumer price index rose 0.1% MoM in October, at par with market expectations, but slightly lower than the ECB’s 2.0% target, thus pointing towards fresh stimulus measures by the central bank. The index had recorded a rise of 0.2% in the previous month.
In the US, the NY empire state manufacturing index recorded a reading of -10.7 in November, compared to a level of -11.4 in the previous month. Investors had expected it to improve to a reading of -6.0.
In the Asian session, at GMT0400, the pair is trading at 1.0659, with the EUR trading 0.26% lower from yesterday’s close.
The pair is expected to find support at 1.0624, and a fall through could take it to the next support level of 1.059. The pair is expected to find its first resistance at 1.0726, and a rise through could take it to the next resistance level of 1.0793.
Going ahead, market participants will look forward to Euro-zone and Germany’s ZEW economic sentiment survey for November, scheduled to be released in a few hours. Additionally, investors will keep a close watch on the US consumer price inflation and industrial production data, both for the month of October, scheduled to be released later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
