EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.93% against the USD and closed at 1.1779.
On the data front, Euro-zone’s preliminary consumer confidence index slid to a level of -2.9 in September, marking its lowest level in 15 months and compared to a reading of -1.9 in the prior month. Markets participants had anticipated the index to drop to a level of -2.0.
In the US, data showed that the Philadelphia Fed manufacturing index advanced to a level of 22.9 in September, higher than market expectations for a rise to a level of 18.0. The index had registered a level of 11.9 in the previous month. Also, the seasonally adjusted initial jobless claims unexpectedly eased to a level of 201.0K in the week ended 15 September 2018, defying market expectations for an advance to a level of 210.0K. Initial jobless claims had registered a level of 204.0K in the previous week. Meanwhile, the nation’s existing home sales remained steady at a level of 5.34 million in August, while market participants had envisaged existing home sales to rise to a level of 5.36 million. Further, the leading indicator rose 0.4% on a monthly basis in August, less than market expectations for a rise of 0.5%. Leading indicator had risen by a revised 0.7% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.1782, with the EUR trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1711, and a fall through could take it to the next support level of 1.1640. The pair is expected to find its first resistance at 1.1819, and a rise through could take it to the next resistance level of 1.1856.
Going forward, investors would keep an eye on the Markit manufacturing and services PMI, due to be released across the euro-bloc, in a while. Also, the US Markit manufacturing and services PMI, set to release later in the day, will keep traders on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
