EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR marginally rose against the USD and closed at 1.1295.
On the macro front, Euro-zone’s Sentix investor confidence rose to -24.8 in June, due to the relaxation of measures to contain the coronavirus pandemic and compared to a reading of -41.8 in the prior month. Separately, Germany’s industrial production plunged 25.3% on a yearly basis in April, registering its biggest decline since the series began in 1991 and compared to a revised fall of 11.3% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.1289, with the EUR trading 0.05% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1265, and a fall through could take it to the next support level of 1.1242. The pair is expected to find its first resistance at 1.1315, and a rise through could take it to the next resistance level of 1.1342.
Moving ahead, traders would keep a watch on Euro-zone’s gross domestic product (GDP) and Germany’s trade balance and current account, both for April, slated to release in a few hours. Later in the day, the US NFIB business optimism index for May and the IBD/TIPP economic optimism for June, followed by the JOLTS job openings for April, would keep investors on their toes.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
