EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.39% against the USD and closed at 1.1126.
On the data front, Euro-zone’s final manufacturing PMI advanced to a level of 45.9 in October, compared to a reading of 45.7 in the prior month. The preliminary figures had indicated a steady reading. Moreover, the region’s Sentix investor confidence index rose to a level of -4.5 in November, following a level of -16.8 in the prior month.
Separately, in Germany, the final Markit manufacturing PMI climbed to a level of 42.1 in October, compared to a reading of 41.7 in the prior month. The preliminary figures had indicated a rise to 41.9.
In the US, data showed that factory orders fell to a 4-month low level of 0.6% on a monthly basis in September, compared to a drop of 0.1% in the previous month. Markets were anticipating factory orders to fall 0.3%. Moreover, the final durable goods orders declined 1.2% on a monthly basis in September, following a revised rise of 0.3% in the previous month. The preliminary figures had indicated a drop of 1.1%.
In the Asian session, at GMT0400, the pair is trading at 1.1124, with the EUR trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1100, and a fall through could take it to the next support level of 1.1075. The pair is expected to find its first resistance at 1.1162, and a rise through could take it to the next resistance level of 1.1199.
Moving ahead, traders would keep an eye on Euro-zone’s producer price index for September, set to release in a few hours. Later in the day, the US Markit services PMI and ISM non-manufacturing PMI for October along with the JOLTS job openings for September, will garner significant amount of investor’s attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
