EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.13% against the USD and closed at 1.1135.
On the macro front, the Euro-zone’s seasonally adjusted current account surplus narrowed more-than-expected to a level of €22.2 billion in April, following a revised surplus of €35.7 billion in the prior month, while markets expected the region’s current account surplus to narrow to a level of €31.3 billion.
Separately, in Germany, the producer price index dropped more-than-anticipated by 0.2% on a monthly basis in May. The index had advanced 0.4% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.1135, with the EUR trading flat against the USD from yesterday’s close.
The pair is expected to find support at 1.1114, and a fall through could take it to the next support level of 1.1094. The pair is expected to find its first resistance at 1.1160, and a rise through could take it to the next resistance level of 1.1186.
With no crucial economic releases in the Euro-zone today, investors look forward to the US existing home sales for May and MBA mortgage applications data, both slated to release later in the day.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
