EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.21% against the USD and closed at 1.0943 on Friday.
On the data front, Euro-zone’s final consumer confidence index rose to a level of -6.5 in September, confirming the preliminary print and compared to a level of -7.1 in the prior month. Market participants had envisaged the index to rise to -6.8. On the other hand, the region’s economic sentiment indicator eased to a 5-year low level of 101.7 in September, compared to a level of 103.1 in the previous month. Moreover, business climate indicator dropped to a level of -0.2 in September, compared to a revised level of 0.1 in the preceding month.
In the US, data showed that the final Reuters/Michigan consumer sentiment index climbed to a level of 93.2 in September, surpassing market consensus and preliminary figures for a rise to a level of 92.0. In the previous month, the index had recorded a reading of 89.8. Further, the nation’s preliminary durable goods orders unexpectedly advanced 0.2% on a monthly basis in August, defying market expectations for a fall of 1.0%. In the previous month, durable goods orders had registered a revised rise of 2.0%. Additionally, personal income rose 0.4% on a monthly basis in August, meeting market expectations and compared to an increase of 0.1% in the prior month. Meanwhile, personal spending slowed to 0.1% on a monthly basis in August. Personal spending had recorded a revised rise of 0.5% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0932, with the EUR trading 0.10% lower against the USD from Friday’s close.
The pair is expected to find support at 1.0972, and a fall through could take it to the next support level of 1.0914. The pair is expected to find its first resistance at 1.1024, and a rise through could take it to the next resistance level of 1.1018.
Looking ahead, traders would await Euro-zone’s unemployment rate for September along with Germany’s unemployment rate and consumer price index for September, set to release in a few hours. Later in the day, the US Chicago Purchasing Managers’ Index and the Dallas Fed manufacturing business index, both for September, will keep traders on their toes.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
