EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined marginally against the USD and closed at 1.1342.
In the US, mortgage applications rose sharply last week. Data revealed that MBA mortgage applications advanced 11.8% in the week ended 16 October, following a 27.6% decline in the prior week.
In the Asian session, at GMT0300, the pair is trading at 1.1345, with the EUR trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.1324, and a fall through could take it to the next support level of 1.1303. The pair is expected to find its first resistance at 1.1372, and a rise through could take it to the next resistance level of 1.1399.
Going ahead, market participants will keep an eye on the ECB’s crucial interest rate decision, followed by the press conference of the central bank Chief, Mario Draghi scheduled later today. In addition to this, the US initial jobless claims and leading indicator index, scheduled to be released later in the day, will also grab investor attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
