EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.14% against the USD and closed at 1.1202 on Friday.
On the macro front, Germany’s seasonally adjusted trade surplus narrowed to €16.8 billion in June, as imports surged at a faster pace than exports and more than market consensus for a surplus of €19.5 billion. In the prior month, the nation had recorded a surplus of €20.6 billion.
In the US, data showed that the producer price index advanced 1.7% on an annual basis in July, following higher energy costs and at par with market expectations. The index had registered a similar rise in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.1208, with the EUR trading 0.05% higher against the USD from Friday’s close.
The pair is expected to find support at 1.1186, and a fall through could take it to the next support level of 1.1165. The pair is expected to find its first resistance at 1.1226, and a rise through could take it to the next resistance level of 1.1244.
Amid lack of macroeconomic releases in the Euro-zone today, investors would focus on the US monthly budget statement for July, set to release later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
