EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.23% against the USD and closed at 1.3191. The Euro traded higher earlier, as upbeat manufacturing and service PMI data from Germany, France and the Euro-zone indicated economic revival in the region.
In the Euro-zone, the preliminary manufacturing purchasing managers’ index (PMI) rose to a reading of 50.1 in July, giving clear indication that the region is emerging from its longest post war economic contraction. Moreover, the preliminary services PMI climbed to a reading of 49.6 in the same month. Additionally, manufacturing and services PMI in France and Germany also rose more-than-expected in July.
In the Asian session, at GMT0300, the pair is trading at 1.3206, with the EUR trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.3168, and a fall through could take it to the next support level of 1.3129. The pair is expected to find its first resistance at 1.3251, and a rise through could take it to the next resistance level of 1.3295.
Going forward today, investors have their plate full with a raft of economic data scheduled for release in the Europe and across the Atlantic. Moreover, long term bond auctions in Germany and France later today could further assist in gauging risk sentiment prevalent in markets.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
