EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.15% against the USD and closed at 1.1099.
Data showed that Euro-zone’s construction output remained flat on a monthly basis in June. Construction output had dropped by a revised 0.5% in the previous month.
Meanwhile, in Germany, the producer price index (PPI) rose 1.1% on an annual basis in July, surpassing market expectations for a rise of 1.0% and compared to an increase of 1.2% in the prior month.
Separately, the US dollar declined against its major peers yesterday, in line with the drop in US Treasury yields, thus increasing concerns over potential economic slowdown.
In the Asian session, at GMT0300, the pair is trading at 1.1101, with the EUR trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1076, and a fall through could take it to the next support level of 1.1050. The pair is expected to find its first resistance at 1.1117, and a rise through could take it to the next resistance level of 1.1132.
In absence of key macroeconomic releases in the Euro-zone today, investors would direct their attention to the US Federal Reserve policy decision, due later in the day. Moreover, the US existing home sales data for July will also be eyed by traders.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
