EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR slightly rose against the USD and closed at 1.1291.
On the macro front, the Eurozone’s producer price index (PPI) advanced 1.6% on a yearly basis in May, undershooting market consensus for a rise of 1.7%. In the previous month, the (PPI) had recorded a rise of 2.6%.
Separately, in Germany, retail sales climbed 4.0% on a yearly basis in May, compared to a revised rise of 4.6% in the prior month. Market participants had expected the retail sales to climb 2.7%.
In the Asian session, at GMT0300, the pair is trading at 1.1292, with the EUR trading a tad higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1271, and a fall through could take it to the next support level of 1.125. The pair is expected to find its first resistance at 1.1317, and a rise through could take it to the next resistance level of 1.1342.
Looking ahead, traders would keep an eye the Markit services PMI for June, slated to release across the euro bloc. Later in the day, the US ADP employment change, the Markit services PMI and the ISM non-manufacturing/services composite, all for June, trade balance data, durable goods orders and factory orders, all for May along with initial jobless claims, the MBA mortgage application will be on investors’ radar.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
