EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.14% against the USD and closed at 1.1780.
In economic news, data indicated that the US Richmond Fed manufacturing index advanced more-than-expected to a level of 16.0 in May, suggesting that manufacturing sector has picked up momentum in the Atlantic region. The index had registered a level of -3.0 in the previous month, while markets were expecting for a rise to a level of 10.0.
In the Asian session, at GMT0300, the pair is trading at 1.1753, with the EUR trading 0.23% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1726, and a fall through could take it to the next support level of 1.1699. The pair is expected to find its first resistance at 1.1805, and a rise through could take it to the next resistance level of 1.1857.
Going ahead, investors would focus on the flash Markit manufacturing and services PMIs for May, scheduled to release across the Euro-zone in a few hours. Later in the day, the US preliminary Markit manufacturing and services PMIs for May and new home sales data for April, will keep investors on their toes. Also, the release of latest FOMC meeting minutes will be eyed by market participants.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
