For the 24 hours to 23:00 GMT, the EUR rose 0.09% against the USD and closed at 1.1072.
In the US data showed that the NAHB housing market index unexpectedly dropped to a level of 70.0 in November, falling for the first time in five months and defying market consensus for a steady reading. In the prior month, the index had registered a level of 71.0.
In the Asian session, at GMT0400, the pair is trading at 1.1075, with the EUR trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1056, and a fall through could take it to the next support level of 1.1037. The pair is expected to find its first resistance at 1.1092, and a rise through could take it to the next resistance level of 1.1109.
Looking ahead, traders would keep an eye on Euro-zone’s current account balance and construction output, both for September, slated to release in a few hours. Later in the day, the US building permits and housing starts, both for October, will garner significant amount of investors’ attention
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
