EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.34% against the USD and closed at 1.0898, amid global growth concerns.
On the macro front, Euro-zone’s unemployment rate fell to a 11-year low level of 7.4% in August, compared to 7.5% in the prior month.
Separately, in Germany, consumer price inflation slowed to 1.2% on a yearly basis in September, compared to a level of 1.4% in the previous month. Meanwhile, seasonally adjusted unemployment rate remained unchanged at 5.0% in September, at par with market expectations. Meanwhile, the nation’s retail sales rose 3.2% on an annual basis in August, less than market expectations for a rise of 3.3%. In the prior month, retail sales had recorded a revised rise of 5.2%.
In the US, data showed that the Chicago Fed Purchasing Managers’ Index declined to a level of 47.1 in September, compared to a reading of 50.4 in the previous month. Further, the nation’s Dallas Fed manufacturing business index dropped to a level of 1.5 in September, compared to a level of 2.7 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.0887, with the EUR trading 0.10% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.0961, and a fall through could take it to the next support level of 1.0892. The pair is expected to find its first resistance at 1.1024, and a rise through could take it to the next resistance level of 1.1018.
Looking ahead, traders would await Euro-zone’s consumer price index for September, set to release in a few hours. Also, investors would focus on the Markit manufacturing PMI for September, set to release across the euro bloc. Later in the day, the US Markit manufacturing PMI and ISM manufacturing index, both for September, will be on traders’ radar.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
