EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.18% against the USD and closed at 1.1383.
On the data front, Euro-zone’s flash consumer confidence index rose to a level of -7.9 in January, compared to a revised level of -8.3 in the previous month.
In the US, the Richmond Fed manufacturing index climbed to a level of -2.0 in January, in line with market forecast and compared to a reading of -8.0 in the previous month. Moreover, the housing price index advanced 0.4% on a monthly basis in November, surpassing market expectations for a rise of 0.3% and compared to a revised similar rise in the prior month. On the contrary, the MBA mortgage applications dropped 2.7% on a weekly basis in the week ended 18 January 2019, following a surge of 13.5% in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.1388, with the EUR trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1361, and a fall through could take it to the next support level of 1.1335. The pair is expected to find its first resistance at 1.1404, and a rise through could take it to the next resistance level of 1.1421.
Moving ahead, the European Central Bank’s (ECB) monetary policy meeting, due later in the day, will be closely watched for further hints on future course of action as the central bank is widely expected to keep interest rates unchanged. Additionally, investors would also focus on the manufacturing and services PMIs for January, set to release across the euro area in a few hours. Additionally, the US initial jobless claims data along with the manufacturing and services PMIs for January, slated to release later today, will be on investors’ radar.
The currency pair is trading above its 20 Hr and 50 Hr moving average.
