EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.56% against the USD and closed at 1.0894, after the Eurozone economy expanded in line with expectations in the third quarter.
Data showed that Eurozone GDP rose 0.3% QoQ in 3Q 2015, backed by a growth in private consumption and government spending.
In the US, the NFIB small business optimism index surprisingly dropped to a level of 94.8 in November, against market expectations for an advance to 96.4 following a reading of 96.1 in the previous month. On the other hand, the nation’s IBD/TIPP economic optimism index unexpectedly rose to a level of 47.2 in December, defying investor expectations for it to drop to a level of 45.0. The index had registered a reading of 45.5 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.0905, with the EUR trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.0859, and a fall through could take it to the next support level of 1.0812. The pair is expected to find its first resistance at 1.0934, and a rise through could take it to the next resistance level of 1.0962.
Going ahead, investors will look forward to Germany’s trade balance data for October, scheduled to be released in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
