EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.06% against the USD and closed at 1.1150.
On the data front, Germany’s producer price index (PPI) declined 0.1% on an annual basis in September, marking its first decline since October 2016 and less than market expectations for a drop of 0.3%. In the previous month, the index had recorded a rise of 0.3% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.1152, with the EUR trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1134, and a fall through could take it to the next support level of 1.1117. The pair is expected to find its first resistance at 1.1174, and a rise through could take it to the next resistance level of 1.1197.
Amid lack of macroeconomic releases in the Euro-zone today, traders would await the US existing home sales for September and the Richmond Fed Manufacturing Index for October, set to release later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
