EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.14% against the USD and closed at 1.1046.
On the macro front, Euro-zone’s producer price index (PPI) declined 0.7% on an annual basis in December, in line with market forecast and compared to a drop of 1.4% in the previous month.
In the US, data showed that final durable goods orders climbed 2.4% on a monthly basis in December, compared to a revised drop of 3.1% in the previous month. The preliminary figures had also indicated an advance of 2.4%. Additionally, factory orders rose 1.8% on a monthly basis in December, beating market anticipations for a rise of 1.2%. Factory orders had recorded a revised drop of 1.2% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.1034, with the EUR trading 0.11% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1023, and a fall through could take it to the next support level of 1.1013. The pair is expected to find its first resistance at 1.1054, and a rise through could take it to the next resistance level of 1.1075.
Moving ahead, investors would closely monitor the Markit services PMIs for January, scheduled to release across the euro area in a few hours. Later in the day, the US Markit services PMI, the ISM non-manufacturing PMI and the ADP employment change, all for January, along with trade balance, for December, would pique significant amount of market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
