HomeContributorsFundamental AnalysisEuro Trading Lower In The Asian Session

Euro Trading Lower In The Asian Session

For the 24 hours to 23:00 GMT, the EUR rose 0.05% against the USD and closed at 1.1679.

In the US, data showed that NAHB housing market index remained steady at 67.0 in September, while market participants had anticipated the index to ease to 66.0.

In the Asian session, at GMT0300, the pair is trading at 1.1665, with the EUR trading 0.12% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.1637, and a fall through could take it to the next support level of 1.1608. The pair is expected to find its first resistance at 1.1709, and a rise through could take it to the next resistance level of 1.1752.

Looking forward, investors would closely monitor the Euro-zone’s construction output data for July. Also, the US housing starts and building permits, both for August along with the MBA mortgage applications, set to release later in the day, will garner significant amount of investor attention.

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

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Featured Analysis

Learn Forex Trading