EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.44% against the USD and closed at 1.1138.
In economic news, data indicated that Euro-zone’s Sentix investor confidence index advanced more-than-expected to a four-month high level of 8.5 in October, rising for the third straight month, compared to market expectations of a rise to a level of 6.0 and following a reading of 5.6 in the previous month.
Separately, Germany’s seasonally adjusted trade surplus widened to a level of €20.0 billion in August, amid a surge in exports, while markets expected the trade surplus to remain steady at €19.5 billion, recorded in the prior month. Moreover, the nation’s seasonally adjusted exports rebounded sharply by 5.4% MoM in August, rising by the most in more than six years, compared to a fall of 2.6% in the previous month whereas markets anticipated it to climb by 2.2%. Further, seasonally adjusted imports rebounded by 3.0% on a monthly basis in August, compared to a fall of 0.7% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.1127, with the EUR trading 0.1% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1098, and a fall through could take it to the next support level of 1.1068. The pair is expected to find its first resistance at 1.1176, and a rise through could take it to the next resistance level of 1.1224.
Moving ahead, investors await the release of Euro-zone’s ZEW survey for economic sentiment for October, slated to release in a few hours. Moreover, the US NFIB small business optimism index and change in labour market conditions index, both for September, due to release later in the day, would be keenly watched by investors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
