Euro Reverses Its Gains In The Asian Session
GCI Financial | Jul 29, 2014 03:03AM ET
For the 24 hours to 23:00 GMT, the EUR rose marginally against the USD and closed at 1.3439.
On the macro front, business confidence in Italy unexpectedly declined to a level of 99.7 in July, as compared to a revised reading of 99.9 in the previous month. Market anticipations were for business confidence to advance to 100.9.
The US Dollar lost ground after data revealed that the pending home sales index in the US surprisingly dropped 1.1% in June, on a monthly basis, from a revised rise of 6.0% in the previous month. Market expectations were for the pending home sales index to rise 0.5%. However, gains were limited as the services activity in the US held at its highest level in 4-1/2 years of 61.0 in July, unchanged from June and above expectations for a reading of 59.8. Additionally, the Dallas Fed Manufacturing Business Index climbed to a reading of 12.7 in July, from a reading of 11.4 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3436, with the EUR trading tad lower from yesterday’s close.
The pair is expected to find support at 1.3426, and a fall through could take it to the next support level of 1.3417. The pair is expected to find its first resistance at 1.3445, and a rise through could take it to the next resistance level of 1.3455.
Import prices data from Germany along with consumer confidence data from the US, to be released later during the day, would be keenly awaited by the market participants.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
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