EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR marginally rose against the USD and closed at 1.1373.
On the data front, Germany’s GfK consumer confidence index dropped to a level of 9.8 in July, compared to a reading of 10.1 in the previous month. Market participants had anticipated the index to ease to 10.0.
In the US, data showed that advance goods trade deficit widened to $74.5 billion in May, surpassing market expectations of a deficit of $71.8 billion. The nation had recorded a deficit of $72.1 billion in the prior month. Moreover, the US preliminary durable goods orders declined 1.3% on a monthly basis in May, compared to a fall of 2.1% in the previous month. Markets had envisaged durable goods orders register a slid of 0.3%. Meanwhile, the nation’s MBA mortgage applications rose to its highest level since September 2016 by 1.3% in the week ended 21 June 2019, following a decrease of 3.4% in the previous week.
In the Asian session, at GMT0300, the pair is trading at 1.1363, with the EUR trading 0.09% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1344, and a fall through could take it to the next support level of 1.1324. The pair is expected to find its first resistance at 1.1387, and a rise through could take it to the next resistance level of 1.1410.
Moving ahead, traders would await the Euro-zone’s economic confidence, industrial confidence and consumer confidence, all for June along with Germany’s consumer price index for June, slated to release in a few hours. Later in the day, the US annualised gross domestic product for the first quarter, pending home sales for May followed by initial jobless claims, will pique significant amount of investors’ attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
