Euro Trading Lower Ahead Of The Manufacturing PMI Data From The Euro-Zon
GCI Financial | Oct 23, 2014 02:09AM ET
For the 24 hours to 23:00 GMT, the EUR declined 0.52% against the USD and closed at 1.2646, extending its previous session losses.
The greenback traded on a stronger footing after the US consumer prices surprisingly advanced 0.1% on a monthly basis in September, beating market expectations for an flat reading and compared to a drop of 0.2% registered in the prior month.
In other economic news, MBA mortgage applications in the US rose 11.6% in the week ended October 17, after registering 5.6% gain in the previous week.
In the Asian session, at GMT0300, the pair is trading at 1.2637, with the EUR trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.26, and a fall through could take it to the next support level of 1.2562. The pair is expected to find its first resistance at 1.2708, and a rise through could take it to the next resistance level of 1.2778.
Trading trends in the Euro today would be determined by the manufacturing and services PMI from the Euro-zone and Germany, its biggest economy, scheduled in a few hours from now. Meanwhile, investors would keenly look at the US initial jobless claims data, scheduled later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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