EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.60% against the USD and closed at 1.3341. The greenback edged higher after the highly anticipated minutes of Fed’s July’s meeting failed to signal a more concrete wind-down date for the Fed’s $85-billion-per-month bond-buying program. Market participants remain confused following the release of minutes, as the Fed’s language did not correspond with the current US economic climate. The minutes further indicated that policymakers were “broadly comfortable” with Chairman Ben Bernanke’s plan to start reducing the bond buying later this year if the economy improves.
In the Asian session, at GMT0300, the pair is trading at 1.3339, with the EUR trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.3305, and a fall through could take it to the next support level of 1.3271. The pair is expected to find its first resistance at 1.3399, and a rise through could take it to the next resistance level of 1.3459.
Ahead today, the Euro would take cues from manufacturing and services purchasing managers indices (PMI) data across the Euro-zone, Germany and France.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
