EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.64% against the USD and closed at 1.3256, as investors’ confidence in the Euro-area surged upward in September and as demand for the safe-haven currency fell on speculation that Russia’s proposal for the Syrian regime to handover its chemical weapons to international control might avert a military strike by the US.
In economic news, Euro-zone Sentix investor confidence advanced to a reading of 6.5 in September, defying market expectation for a decline to 2.8 and compared to a negative reading of 4.9 registered in the previous month.
Meanwhile, in the US, a government report showed that the nation’s consumer credit rose by USD 10.44 billion in July, slower following a revised rise of USD 11.93 billion recorded in June. Market had anticipated consumer credit to rise by USD 12.70 billion in July.
In the Asian session, at GMT0300, the pair is trading at 1.3260, with the EUR trading slightly higher from yesterday’s close.
The pair is expected to find support at 1.3190, and a fall through could take it to the next support level of 1.3121. The pair is expected to find its first resistance at 1.3305, and a rise through could take it to the next resistance level of 1.3351.
Investors are expected to keep a close watch on Italy’s GDP data, due later today, which the market expects to show an improvement in the second quarter.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
