EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.14% against the USD and closed at 1.0867.
In the US, the consumer confidence index surprisingly rose to a 4-month high level, after it advanced to a level of 98.1 in January. Market expected it to rise to a level of 96.5, from a revised reading of 96.3 in the preceding month. Additionally, the nation’s housing price index remained climbed 0.5% MoM in November, following a similar rise in the previous month, at par with consensus estimates. Moreover, the US flash Markit services PMI rose less than expected to a level of 53.7 in January, recording its 13-month low level,while markets expected it to rise to a level of 54.0 following a reading of 54.3 in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.0866, with the EUR trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0831, and a fall through could take it to the next support level of 1.0797. The pair is expected to find its first resistance at 1.0888, and a rise through could take it to the next resistance level of 1.0909.
Going ahead, investors will look forward to Germany’s GfK consumer confidence survey data for February, schedule to release in a few hours. Also, market participants await for the outcome of the Fed’s monetary policy meeting, scheduled later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
