For the 24 hours to 23:00 GMT, the EUR rose 0.25% against the USD and closed at 1.1255.

In the US, data showed that the Philadelphia Fed manufacturing index climbed to a 1-year high level of 21.8 in July, surpassing market consensus for a rise to a level of 5.0. In the previous month, the index had recorded a level of 0.3. On the other hand, the nation’s leading indicator unexpectedly slid 0.3% on a monthly basis in June, declining to its lowest level since 2016 and defying market expectations for an advance of 0.1%. In the preceding month, the indicator had recorded a flat reading. Moreover, the US seasonally adjusted initial jobless claims rose to a level of 216.0K in the week ended 13 July 2019, in line with market anticipations and compared to a revised level of 208.0K in the prior week.

In the Asian session, at GMT0300, the pair is trading at 1.1268, with the EUR trading 0.12% higher against the USD from yesterday’s close.

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The pair is expected to find support at 1.1221, and a fall through could take it to the next support level of 1.1175. The pair is expected to find its first resistance at 1.1298, and a rise through could take it to the next resistance level of 1.1329.

Looking forward, traders would keep an eye on Germany’s producer price index for June and Euro-zone’s current account balance for May, slated to release in a few hours. Later in the day, the US Michigan consumer sentiment index for July, will pique significant amount of investors’ attention.

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


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