EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.21% against the USD and closed at 1.1093, following upbeat economic sentiment data.
In economic news, Euro-zone’s economic sentiment index unexpectedly jumped to a level of 11.2 in December, defying market anticipations for a decline to a level of 17.7. In the prior month, the index had recorded a reading of -1.0.
Separately, in Germany, the ZEW economic sentiment index rose to a level of 10.7 in December, confounding market expectations for a steady reading. In the previous month, the index had recorded a level of -2.1. Additionally, the nation’s current situation index advanced to a level of -19.9 in December, more than market consensus for a rise to a level of -22.3. In the preceding month, the index had recorded a level of -24.7.
In the US, the NFIB small business optimism index climbed to a level of 104.7 in November, rising at its quickest pace in 18 months and higher than market expectations for a rise to a level of 102.8. In the previous month, the index had recorded a level of 102.4.
In the Asian session, at GMT0400, the pair is trading at 1.1092, with the EUR trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1072, and a fall through could take it to the next support level of 1.1052. The pair is expected to find its first resistance at 1.1105, and a rise through could take it to the next resistance level of 1.1118.
Amid lack of macroeconomic news in the Euro-zone today, traders would keep an eye on the US Federal Reserve’s interest rate decision followed by the US consumer price index and monthly budget statement, both for November, slated to release later in the day. Additionally, the MBA mortgage application set to release later in the day, will keep investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
