For the 24 hours to 23:00 GMT, the EUR declined 0.05% against the USD and closed at 1.1262.

In the US, data showed that the NY Empire State Manufacturing Index advanced to a 2-year high level of 4.3 in July, compared to market expectations for a rise to a level of 2.0. In the prior month, the index had recorded a reading of -8.6.

In the Asian session, at GMT0300, the pair is trading at 1.1263, with the EUR trading slightly higher against the USD from yesterday’s close.

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The pair is expected to find support at 1.1249, and a fall through could take it to the next support level of 1.1236. The pair is expected to find its first resistance at 1.1280, and a rise through could take it to the next resistance level of 1.1298.

Looking ahead, traders would await the Euro-zone’s trade balance data for May and the ZEW economic sentiment for July along with Germany’s ZEW survey indices for July, all slated to release in a few hours. Later in the day, the US advance retail sales, industrial production and manufacturing (sic) production, all for June, followed by the NAHB housing market index for July, will keep traders on their toes.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.


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