EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.37% against the USD and closed at 1.1254 on Friday.
On the macro front, Euro-zone’s industrial production dropped 17.1% on a monthly basis in April, less than market expectations for a drop of 20.0% and compared to a revised fall of 11.9% in the prior month.
In the US, the Michigan consumer sentiment index climbed to 78.9 in June, surpassing market forecast for a rise to a level of 75.0 and compared to a reading of 72.3 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.1254, with the EUR trading flat against the USD from Friday’s close.
The pair is expected to find support at 1.1198, and a fall through could take it to the next support level of 1.1142. The pair is expected to find its first resistance at 1.1325, and a rise through could take it to the next resistance level of 1.1396.
Moving ahead, traders would keep a watch on Euro-zone’s trade balance for April, slated to release in a few hours. Later in the day, the US NY Empire State manufacturing index for June, would keep investors on their toes.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
