For the 24 hours to 23:00 GMT, the EUR rose 0.21% against the USD and closed at 1.1872.

The US dollar declined against basket of currencies, amid downbeat US economic data.

In the US, the NY Empire state manufacturing index dropped to 3.7 in August, more than market forecast for a drop to a level of 15.0 and compared to a reading of 17.2 in the prior month. Meanwhile, the NAHB housing market index climbed to 78.0 in August, more than market expectations for a rise to level of 73.0 and compared to a reading of 72.0 in the previous month.

- advertisement -

In the Asian session, at GMT0300, the pair is trading at 1.189, with the EUR trading 0.15% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1847, and a fall through could take it to the next support level of 1.1804. The pair is expected to find its first resistance at 1.1915, and a rise through could take it to the next resistance level of 1.1940.

In absence of key macroeconomic releases in the Euro-zone today, investors would direct their attention to the US building permits and housing starts, both for July, slated to release later today.

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

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.