EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR marginally rose against the USD and closed at 1.1132.
On the data front, Euro-zone’s preliminary consumer confidence index declined to its lowest level in 10 months by -7.6 in October, compared to a reading of -6.5 in the prior month. Markets participants had expected the index to fall to a level of -6.7.
In the US, data showed that the housing price index advanced 0.2% on a monthly basis in August, following a rise of 0.4% in the previous month. On the other hand, the US MBA mortgage applications dropped 11.9% on a weekly basis in the week ended 18 October 2019, compared to an increase of 0.5% in the prior week.
In the Asian session, at GMT0300, the pair is trading at 1.1138, with the EUR trading 0.05% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1115, and a fall through could take it to the next support level of 1.1093. The pair is expected to find its first resistance at 1.1151, and a rise through could take it to the next resistance level of 1.1165.
Moving ahead, traders would await the European Central Bank’s interest rate decision along with the Markit manufacturing and services PMIs, set to release across the euro bloc. Later in the day, the US Markit manufacturing and services PMI for October followed by durable goods orders and new home sales for September, will be on traders’ radar. Also, the US initial jobless claims will keep investors’ on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
