EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.10% against the USD and closed at 1.1065.
On the macro front, Euro-zone’s Sentix investor confidence index rose to a level of 0.7 in December, rising for the second straight month and compared to a level of -4.5 in the prior month. Separately, in Germany, seasonally adjusted trade surplus unexpectedly widened to €20.6 billion in October, compared to a surplus of €19.2 billion in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.1067, with the EUR trading a tad higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1055, and a fall through could take it to the next support level of 1.1042. The pair is expected to find its first resistance at 1.1079, and a rise through could take it to the next resistance level of 1.1090.
Going ahead, traders would await Euro-zone’s and Germany’s ZEW survey indices for December, set to release in a few hours. Later in the day, the US NFIB business optimism index for November, will garner significant amount of investor’s attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
