EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR marginally rose against the USD and closed at 1.1470.
On the macro front, the Euro-zone’s preliminary consumer confidence index unexpectedly rose to a level of -2.7 in October, confounding market expectations for a fall to a level of -3.2. In the previous month, the index had registered a level of -2.9.
Moreover, in Germany, the producer price index (PPI) jumped 3.2% on an annual basis in September, more than market expectations for an advance of 3.0%. The PPI had recorded a gain of 3.1% in the prior month.
In the US, data showed that US Richmond Fed manufacturing index fell to a level of 15.0 in October, compared to market anticipations for a drop to a level of 24.0. The index had registered a reading of 29.0 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.1463, with the EUR trading 0.06% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1437, and a fall through could take it to the next support level of 1.1411. The pair is expected to find its first resistance at 1.1491, and a rise through could take it to the next resistance level of 1.1519.
Moving ahead, traders would closely monitor the Markit manufacturing and services PMIs for October, due to be released in a few hours across the euro bloc. Later in the day, the US MBA mortgage applications followed by the Markit manufacturing and services PMIs for October, the house price index for August and new home sales for September will keep traders on their toes. Additionally, the Federal Reserve’s Beige Book release will also attract significant market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
