EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.07% against the USD and closed at 1.3534. The greenback extended its previous session’s decline on lingering effects of the Fed’s asset-purchase decision.
In economic news, data showed that unemployment rate in Greece edged down 27.1% (QoQ) in the second quarter from a 27.4% rise seen in the previous quarter.
Whereas, in the US, data revealed that initial jobless claim in the nation rose to a level of 309,000 during the week ended September 13, 2013, less than analysts’ call for a rise to 330,000 level and compared to a reading of 294,000 registered in the previous week. Meanwhile, the CB leading indicator in the US rose 0.7% (MoM) in August, surpassing market expectation for a 0.6% rise and following a 0.5% increase seen in the previous month. Another official data depicted that the existing home sales change in the US stood at 1.7% (MoM) in August, defying market consensus for a 2.6% drop and compared to a 6.5% rise seen in the previous month.
Separately, the Philadelphia Fed manufacturing survey showed that the manufacturing conditions in the region surged to a level of 22.3 in September, more than analysts’ expectation for a rise to 10.0 and compared to a reading of 9.3 recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3537, with the EUR trading tad higher from yesterday’s close.
The pair is expected to find support at 1.3507, and a fall through could take it to the next support level of 1.3477. The pair is expected to find its first resistance at 1.3568, and a rise through could take it to the next resistance level of 1.3599.
Investors await the release of Euro-zone’s consumer confidence data, due later today, which the market expects to decline to a level of 14.5 in September, less than previous month’s fall to a level of 16.0.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
