EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.24% against the USD and closed at 1.1019 on Friday.
On the macro front, Euro-zone’s preliminary consumer confidence index advanced to a 4-month high level of -6.5 in September, more than market consensus for a rise to a level of -7.0. The index had recorded a reading of -7.1 in the prior month.
Separately, in Germany, the producer price index (PPI) rose 0.3% on an annual basis in August, less than market expectations for an increase of 0.6%. In the prior month, the PPI had recorded an advance of 1.1%.
In the Asian session, at GMT0300, the pair is trading at 1.1023, with the EUR trading a tad higher against the USD from Friday’s close.
The pair is expected to find support at 1.0995, and a fall through could take it to the next support level of 1.096. The pair is expected to find its first resistance at 1.1067, and a rise through could take it to the next resistance level of 1.1104.
Moving ahead, traders would closely monitor the Markit manufacturing and services PMIs for September, set to release across the euro bloc. Later in the day, the US Chicago Fed National Activity Index for August along with the Markit manufacturing and services PMIs for September, will pique significant amount of investors’ attention.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
