EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.05% against the USD and closed at 1.1082.
In economic news, Euro-zone’s producer price index (PPI) declined 1.9% on a yearly basis in October, in line with market expectations. In the previous month, the PPI had recorded a drop of 1.2%.
In the Asian session, at GMT0400, the pair is trading at 1.1078, with the EUR trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1065, and a fall through could take it to the next support level of 1.1051. The pair is expected to find its first resistance at 1.1093, and a rise through could take it to the next resistance level of 1.1107.
Moving ahead, traders would keep an eye on Euro-zone’s Markit services PMI for November, set to release across the bloc. Later in the day, the US ADP employment change, the Markit and ISM services PMIs, all for November, will garner significant amount of investors’ attention.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
