EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.29% against the USD and closed at 1.1039 on Friday.
On the data front, Germany’s consumer price inflation slowed to 1.2% on an annual basis in September, marking its lowest level since early 2018 and confirming preliminary figures. In the previous month, inflation had recorded a level of 1.4%.
In the US, data showed that the preliminary Reuters/Michigan consumer sentiment index unexpectedly advanced to a 3-month high level of 96.0 in October, compared to a level of 93.2 in the previous month. Market participants had envisaged the index to drop to a level of 92.0.
In the Asian session, at GMT0300, the pair is trading at 1.1026, with the EUR trading 0.12% lower against the USD from Friday’s close.
The pair is expected to find support at 1.0997, and a fall through could take it to the next support level of 1.0968. The pair is expected to find its first resistance at 1.1059, and a rise through could take it to the next resistance level of 1.1092.
Amid no major economic releases in the US today, investors would focus on Euro-zone’s industrial production for August, set to release in a few hours.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
