EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.20% against the USD and closed at 1.1617.
On the macro front, Euro-zone’s final manufacturing PMI fell to 54.6 in August, in line with market expectations and confirming the preliminary print. In the previous month, the PMI had recorded a reading of 55.1.
Separately, in Germany, the final manufacturing PMI declined to 55.9 in August, more than market expectations for a drop to a level of 56.1. In the previous month, the PMI had recorded a reading of 56.9. Preliminary figures had indicated a fall to a level of 56.1.
In the Asian session, at GMT0300, the pair is trading at 1.1599, with the EUR trading 0.15% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1584, and a fall through could take it to the next support level of 1.1569. The pair is expected to find its first resistance at 1.1621, and a rise through could take it to the next resistance level of 1.1643.
Looking ahead, traders would keep a close watch on the Euro-zone’s producer price index (PPI) for July, slated to release in a few hours. Moreover, the US Markit manufacturing PMI for August followed by the construction spending data for July as well as the ISM manufacturing PMI for August, all scheduled to release later in the day, will keep investors on their toes.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
