EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.42% against the USD and closed at 1.1809.
Yesterday, the Bundesbank, in its monthly report, stated that German economic growth will likely expand at a faster clip in the current quarter, aided by robust performance in the industrial sector, upbeat sentiment among consumers and a significant rise in exports. The central bank further added that the outlook for consumers remains healthy, citing a strong labour market and positive income growth.
Macroeconomic data released in the US indicated that the Chicago Fed national activity index fell to a level of -0.01 in July, compared to market consensus for a drop to a level of 0.10. The index had recorded a revised level of 0.16 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.1806, with the EUR trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1749, and a fall through could take it to the next support level of 1.1691. The pair is expected to find its first resistance at 1.1846, and a rise through could take it to the next resistance level of 1.1885.
Moving ahead, investors will look forward to the ZEW economic sentiment data for August across the Eurozone, slated to release in a few hours. Additionally, the US house price index for June, due to release later in the day, will be on investors’ radar.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
