Euro Trading Marginally Lower In The Asian Session
GCI Financial | May 28, 2015 02:37AM ET
For the 24 hours to 23:00 GMT, the EUR rose 0.18% against the USD and closed at 1.0903, on the back of better-than-expected Germany’s Gfk consumer confidence data in June.
Yesterday, data showed that the Gfk consumer confidence index in Germany unexpectedly soared to a near thirteen year high level of 10.20 in June, reversing market expectations of a drop to 10.00, thus indicating that strong domestic demand and low inflation boosted growth prospects of the Euro-zone’s biggest economy.
On the other hand, uncertainty continued to remain whether Greece would be able to pay the €300 million payment to the IMF on 05 June, as a default could lead to Greek’s possible exit from the Euro-zone.
In the US, mortgage applications dropped 1.60% on a weekly basis in the week ended 22 May, following a drop of 1.50% in the prior week.
In the Asian session, at GMT0300, the pair is trading at 1.0898, with the EUR trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0835, and a fall through could take it to the next support level of 1.0771. The pair is expected to find its first resistance at 1.0946, and a rise through could take it to the next resistance level of 1.0994.
Trading trends in the pair today are expected to be determined by 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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