EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.11% against the USD and closed at 1.1576.
Data showed that Germany’s producer price index (PPI) advanced more-than-anticipated by 2.7% on a yearly basis in May, reaching its highest level in seven months and compared to a rise of 2.0% in the prior month. Market participants had anticipated the PPI to climb 2.5%.
In other economic news, existing home sales in the US unexpectedly dropped 0.4% on monthly basis, to a level of 5.43 million in May, defying market expectations for a rise to a level of 5.52 million. In the previous month, existing home sales had registered a reading of 5.45 million.
Meanwhile, the nation’s MBA mortgage applications rebounded 5.1% in the week ended 15 June, after recording a drop of 1.5% in the previous week.
In the Asian session, at GMT0300, the pair is trading at 1.1566, with the EUR trading 0.09% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1535, and a fall through could take it to the next support level of 1.1505. The pair is expected to find its first resistance at 1.1598, and a rise through could take it to the next resistance level of 1.1631.
Looking ahead, traders would keep a close watch on the Euro-zone’s consumer confidence index for June, slated to release later in the day. Moreover, the US initial jobless claims and the Philadelphia Fed manufacturing index for June, would pique significant amount of investor attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
