EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR slightly rose against the USD and closed at 1.1205.
On the macro front, Germany’s seasonally adjusted industrial production fell 1.5% on a monthly basis in June, following a revised advance of 0.1% in the previous month. Market participants had anticipated industrial production to record a drop of 0.5%.
In the US, data showed that the MBA mortgage applications advanced 5.3% on a weekly basis in the week ended 02 August 2019, compared to a decline of 1.4% in the prior week. Meanwhile, consumer credit registered a less-than-anticipated rise of $14.6 billion in June. Consumer credit had registered a revised rise of $17.8 billion in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.1210, with the EUR trading a tad higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1179, and a fall through could take it to the next support level of 1.1148. The pair is expected to find its first resistance at 1.1241, and a rise through could take it to the next resistance level of 1.1273.
Moving ahead, traders would await the European Central Bank’s economic bulletin, set to release in a few hours. Later in the day, the US initial jobless claims, will garner significant amount of investor’s attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
