EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR slightly declined against the USD and closed at 1.1132.
On the macro front, Euro-zone’s Markit manufacturing PMI climbed to 39.4 in May, compared to a reading of 33.4 in the previous month. The preliminary figures had recorded an advance to 39.5. Separately, Germany’s Markit manufacturing PMI rose to 36.6 in May, compared to a level of 34.5 in the prior month. The preliminary figures had indicated an advance to 36.8.
In the US, the Markit manufacturing PMI rose to 39.8 in May, compared to a reading of 36.1 in the previous month. The preliminary figures had also recorded an advance to 39.8. Moreover, construction spending declined 2.9% on a monthly basis in April, less than market forecast for a drop of 6.5% and compared to a revised flat reading in the earlier month. Meanwhile, the ISM manufacturing PMI climbed to 43.1 in May, less than expectations for a rise to a level of 43.6 and compared to a reading of 41.5 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.1124, with the EUR trading 0.07% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1099, and a fall through could take it to the next support level of 1.1073. The pair is expected to find its first resistance at 1.1152, and a rise through could take it to the next resistance level of 1.1179.
With no macroeconomic releases across the Euro-zone today, traders would look forward to the US ISM-NY business conditions index for May, slated to release later today.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
