EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.20% against the USD and closed at 1.1049.
On the data front, Euro-zone’s Sentix investor confidence index unexpectedly rose to a level of -11.1 in September, defying market consensus for a drop to a level of -16.0. The index had registered a reading of -13.7 in the previous month.
Separately, in Germany, seasonally adjusted trade surplus widened to €20.2 billion in July, amid surprise increase in exports and following a surplus of €18.1 billion in the previous month. Market participants had envisaged the nation’s trade surplus to narrow to €17.5 billion.
In the US, data showed that the consumer credit advanced by $23.3 billion in July, rising at its quickest pace since 2017 and surpassing market expectations for a gain of $16.0 billion. In the prior month, the consumer credit had recorded a revised rise of $13.8 billion.
In the Asian session, at GMT0300, the pair is trading at 1.1045, with the EUR trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1012, and a fall through could take it to the next support level of 1.0993. The pair is expected to find its first resistance at 1.1059, and a rise through could take it to the next resistance level of 1.1087.
Amid lack of macroeconomic releases in Euro-zone today, traders would await the US NFIB small business optimism index for August and JOLTS job openings for July, set to release later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
