EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.05% against the USD and closed at 1.1028.
On the data front, Euro-zone’s ZEW economic sentiment index declined to a level of -23.5 in October, less than market consensus for a drop to a level of -33.0. In the prior month, the index had recorded a reading of -22.4.
Separately, in Germany, the ZEW economic sentiment index fell to a level of -22.8 in October, compared to a level of -22.5 in the prior month. Market participants had envisaged the index to register a decline to a level of -27.3. Moreover, the nation’s current situation index eased to a level of -25.3 in October, less than market expectations for a decrease to a level of -26.0. In the previous month, the index had registered a reading of -19.9.
In the Asian session, at GMT0300, the pair is trading at 1.1029, with the EUR trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.0998, and a fall through could take it to the next support level of 1.0967. The pair is expected to find its first resistance at 1.1053, and a rise through could take it to the next resistance level of 1.1077.
Looking ahead, investors would keep an eye on Euro-zone’s trade balance data for August and the consumer price index for September, set to release in a few hours. Later in the day, the US NAHB housing market index for October and the Fed’s Beige Book report along with the MBA mortgage applications, will garner significant amount of investors’ attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
