EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.38% against the USD and closed at 1.1645 on Friday.
On the macro front, Euro-zone’s Markit manufacturing PMI climbed to a 23-monh high level of 51.1 in July, more than market expectations for a rise to a level of 50.0 and compared to a reading of 47.4 in the prior month. Additionally, the Markit services PMI rose to 25-month high level of 55.1 in July, more than forecast for a rise to a level of 51.0 and compared to a reading of 48.3 in the previous month. Separately, Germany’s Markit manufacturing PMI advanced to 50.0 in July, more than market consensus for a rise to a level of 48.0 and compared to a level of 45.2 in the earlier month. Moreover, the Markit services PMI increased to 56.7 in July, more than market anticipations for a rise to a level of 50.5 and compared to a reading of 47.3 in the prior month.
In the US, the Markit manufacturing PMI rose to 51.3 in July, less than market forecast for a rise to a level of 51.5 and compared to a reading of 49.8 in the previous month. Additionally, the Markit services PMI climbed to 49.6 in July, less than market expectations for a rise to a level of 51.0 and compared to a reading of 47.9 in the previous month. Meanwhile, new home sales climbed 13.8% to an annual rate of 0.78 million in June, more than market forecast and compared to a reading of 0.68 million in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.1711, with the EUR trading 0.57% higher against the USD from Friday’s close.
The pair is expected to find support at 1.1623, and a fall through could take it to the next support level of 1.1534. The pair is expected to find its first resistance at 1.1758, and a rise through could take it to the next resistance level of 1.1804.
Going forward, traders would keep a watch on Germany’s Ifo survey indices all for July, slated to release in a few hours. Later in the day, the US durable goods orders for June and the Dallas Fed manufacturing business index for July, would keep investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
