EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.63% against the USD and closed at 1.1326.
On the macro front, Euro-zone’s trade surplus narrowed to €1.2 billion in April, recording its lowest level since 2011 and more than market forecast for a surplus of €22.9 billion. In the prior month, the trade balance had recorded a revised surplus of €25.5 billion.
In the US, the NY Empire state manufacturing index rose to -0.20 in June, more than market consensus for a rise to a level of -27.5 and compared to a reading of -48.5 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.1345, with the EUR trading 0.17% higher 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 1.1185. The pair is expected to find its first resistance at 1.1387, and a rise through could take it to the next resistance level of 1.1429.
Going forward, traders would keep a watch on Euro-zone’s ZEW survey economic sentiment and Germany’s ZEW survey current situation, ZEW survey economic sentiment, all for June, along with the consumer price index for May, slated to release in a few hours. Later in the day, the US retail sales and industrial production, both for May, followed by the NAHB housing market index for June, along with the Federal Reserve Chairman Jerome Powell testifies, would keep investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
