EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.37% against the USD and closed at 1.1787.
On the macro front, Euro-zone’s industrial production rose 9.1% on a monthly basis in June, less than market expectations for a rise of 10.0%. In the prior month, industrial production had recorded a revised increase of 12.3%.
In the US, the consumer price index rose 0.6% on a monthly basis in June, more than market expectations for a rise of 0.3% and compared to a similar rise in the prior month. Additionally, monthly budget unexpectedly reported a surplus of $63.0 billion in July, defying market anticipations for a deficit of $193.0 billion and compared to a deficit of $864.0 billion in the previous month. Moreover, the MBA mortgage applications rose 6.8% on a weekly basis in the week ended 07 August 2020, compared to a fall of 5.1% in the previous week.
In the Asian session, at GMT0400, the pair is trading at 1.1812, with the EUR trading 0.21% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1743, and a fall through could take it to the next support level of 1.1674. The pair is expected to find its first resistance at 1.1849, and a rise through could take it to the next resistance level of 1.1886.
Going forward, traders would keep a watch on Germany’s consumer price index for July, slated to release in a few hours. Later in the day, the US initial jobless claims, would keep investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
