EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose marginally against the USD and closed at 1.3557, as investors cheered an upbeat Euro-zone’s industrial production data. An official report showed that, on a seasonally adjusted basis, Euro-zone’s industrial production rose 1.0% (MoM) in August, more than analysts’ expectation for a 0.8% rise and compared to a 1.0% drop witnessed in the previous month. Positive sentiment was also fuelled after Ireland Prime Minister, Enda Kenny stated that his nation would exit the bailout programme run by the European Union and other international creditors on December 15. He added that the economic emergency in the nation would be over and Ireland would regain its economic freedom.
In the Asian session, at GMT0300, the pair is trading at 1.3566, with the EUR trading 0.07% higher from yesterday’s close. Earlier today, in the US, some Senate Democratic and Republican leaders indicated that significant progress have been made to reach an accord on the US budget talks and that efforts are made to end a partial government shutdown and prevent the nation from breaching the US debt ceiling in three days.
The pair is expected to find support at 1.3541, and a fall through could take it to the next support level of 1.3515. The pair is expected to find its first resistance at 1.3595, and a rise through could take it to the next resistance level of 1.3623.
Traders are expected to keep an eye on ZEW survey on Euro-zone’s economic sentiment, scheduled to release later during the day, which the market expects to register a rise in October.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
