EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.23% against the USD and closed at 1.1019.
On the data front, Germany’s Ifo business climate index rose to a level of 94.6 in September, compared to a reading of 94.3 in the previous month. Market participants had anticipated the index to advance to 94.5. Moreover, the nation’s Ifo current assessment index unexpectedly advanced to level of 98.5 in September, defying market consensus for a decline to a level of 97.0. In the prior month, the index had recorded a revised level of 97.4. Meanwhile, the Ifo business expectations index unexpectedly dropped to a level of 90.8 in September, compared to market expectations for a rise to a level of 91.8. The index had registered a reading of 91.3 in the prior month.
The US dollar declined against its major peers, after an impeachment inquiry was initiated by the US lawmakers on President Donald Trump.
In the US, data showed that the Richmond Fed manufacturing index eased to a level of -9.0 in September, compared to market expectations for a fall to a level of -11.0. The index had registered a reading of 1.0 in the prior month. Further, the nation’s CB consumer confidence index fell to a level of 125.1 in September, compared to a revised reading of 134.2 in the prior month. On the other hand, the US housing price index climbed 0.4% on a monthly basis in July, surpassing market consensus for a rise of 0.3%. In the previous month, the index had advanced 0.2%.
In the Asian session, at GMT0300, the pair is trading at 1.1000, with the EUR trading 0.17% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1002, and a fall through could take it to the next support level of 1.0973. The pair is expected to find its first resistance at 1.1042, and a rise through could take it to the next resistance level of 1.1053.
Amid lack of macroeconomic releases in the Euro-zone today, traders would focus on the US new home sales for August along with the MBA mortgage applications, slated to release later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
