EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.43% against the USD and closed at 1.0879 on Friday, as comments from the ECB President continued to weigh on the common currency.
In economic news, data indicated that the Euro-zone’s flash consumer confidence index improved for a second straight month to a level of -8.0 in October, meeting market expectations and recording its highest level in three-months, highlighting that consumer sentiment is improving continuously. The index had recorded a level of -8.2 in the prior month.
On Friday, the US San Francisco Fed President, John Williams, renewed his call for gradual rate hikes while stating that the US economy has improved enough to withstand a rate hike by year-end.
In the Asian session, at GMT0300, the pair is trading at 1.0862, with the EUR trading 0.16% lower against the USD from Friday’s close.
The pair is expected to find support at 1.0842, and a fall through could take it to the next support level of 1.0822. The pair is expected to find its first resistance at 1.0897, and a rise through could take it to the next resistance level of 1.0932.
Going ahead, investors would look forward to the preliminary Markit manufacturing and services PMIs, both for October across the Euro-zone, slated to release in a few hours, to get better insights into the region’s economy. Moreover, in the US, the flash Markit manufacturing PMI for October, due to release later in the day, would be keenly watched by investors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
