EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.13% against the USD and closed at 1.0972, after Euro-zone’s Sentix investor morale recorded a 6.5-year low level in October.
On the macro front, Euro-zone’s investor confidence index decreased to -16.8 in October, registering its lowest level since early 2013 and more than market consensus for a fall to -13.0. The index had recorded a level of -11.1 in the previous month.
Separately, in Germany, the seasonally adjusted factory orders dropped 0.6% on a monthly basis in August, falling for the second straight month and compared to a revised fall of 2.1% in the previous month. Market participants anticipated factory orders to ease 1.5%.
In the Asian session, at GMT0300, the pair is trading at 1.0977, with the EUR trading 0.05% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.0995, and a fall through could take it to the next support level of 1.0959. The pair is expected to find its first resistance at 1.1034, and a rise through could take it to the next resistance level of 1.1037.
Looking ahead, traders would keep an eye on the Germany’s industrial production for August, set to release in a few hours. Later in the day, the US NFIB business optimism index and producer price index for September, will garner significant amount of investor attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
