EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.10% against the USD and closed at 1.3582. The US Dollar came under pressure following President, Barack Obama’s comments that he would not negotiate with the Republicans over the debt limit and neither would he agree to any conditions placed on increasing the debt ceiling.
Meanwhile, in the Euro-zone, official data showed that, on a seasonally adjusted basis, the region’s Gross Domestic Product (GDP) rose 0.3% (QoQ) in the second quarter, similar to a rise registered in the earlier quarter. Additionally, the Sentix investor confidence in the region declined to a level of 6.1 in the month of October, defying market expectation for a rise to 8.0 and compared to a level of 6.5 recorded in the previous month.
Elsewhere, in the US, the consumer credit change rose to a level of $13.63 billion in August, surpassing analysts’ call for a rise to $12.00 billion, from a revised reading of $10.40 billion witnessed in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.3563, with the EUR trading 0.14% lower from yesterday’s close.
The pair is expected to find support at 1.3539, and a fall through could take it to the next support level of 1.3516. The pair is expected to find its first resistance at 1.3589, and a rise through could take it to the next resistance level of 1.3616.
Later during the day, Germany is expected to release its trade balance data and a report on factory orders for the month of August.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
