EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR marginally rose against the USD and closed at 1.1245 on Friday.
On the macro front, Euro-zone’s Markit services PMI rose to a 4-month high level of 48.3 in June, as businesses reopened and compared to a reading of 30.5 in the previous month. The preliminary figures had recorded an advance to 47.3. Separately, Germany’s Markit services PMI climbed to 47.3 in June, compared to a level of 32.6 in the previous month. The preliminary figures had indicated a rise to 45.8.
In the Asian session, at GMT0300, the pair is trading at 1.1278, with the EUR trading 0.29% higher against the USD from Friday’s close.
The pair is expected to find support at 1.1238, and a fall through could take it to the next support level of 1.1199. The pair is expected to find its first resistance at 1.1298, and a rise through could take it to the next resistance level of 1.1319.
Going forward, traders would keep a watch on Euro-zone’s Sentix investor confidence for July and retail sales for May, along with Germany’s factory orders for May, slated to release in a few hours. Later in the day, the US Markit services PMI and ISM non-manufacturing PMI, both for June, would keep investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
