EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.32% against the USD and closed at 1.1162 on Friday, amid expectations that the Brexit deal could increase the chances of the Euro-zone avoiding a recession for now.
Data showed that Euro-zone’s seasonally adjusted current account surplus widened to €26.6 billion in August, less than market expectations for a surplus of €26.7 billion and compared to a revised surplus of €21.6 billion in the prior month.
Separately, in the US, leading indicator slid 0.1% on a monthly basis in September. In the prior month, leading indicator had registered a revised drop of 0.2%.
In the Asian session, at GMT0300, the pair is trading at 1.1157, with the EUR trading marginally lower against the USD from Friday’s close.
The pair is expected to find support at 1.1124, and a fall through could take it to the next support level of 1.1091. The pair is expected to find its first resistance at 1.1181, and a rise through could take it to the next resistance level of 1.1205.
In absence of crucial macroeconomic releases in the US today, investors would keep a close watch on Germany’s producer price index for September, set to release in a while.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
