Euro Trading A Tad Higher In The Asian Session

For the 24 hours to 23:00 GMT, the EUR declined 0.32% against the USD and closed at 1.1209.

In the US, the Philadelphia Fed manufacturing index surged to 27.5 in June, surpassing market forecast for a rise to a level of -23.0 and compared to a level of -43.1 in the prior month. Meanwhile, seasonally adjusted number of initial jobless claims dropped to 1508.0K on a weekly basis in the week ended 12 June 2020, less than market expectations and compared to a revised level of 1566.00K in the previous week.

In the Asian session, at GMT0300, the pair is trading at 1.1210, with the EUR trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1177, and a fall through could take it to the next support level of 1.1144. The pair is expected to find its first resistance at 1.1252, and a rise through could take it to the next resistance level of 1.1294.

Looking ahead, traders would keep a close watch on Euro-zone’s current account balance data for April and Germany’s producer price index for May, slated to release in a few hours. Later in the day, the US current account balance for Q1 2020, will keep investors on their toes.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

Reprinted from ActionForex. All copyrights are reserved by the original author.