For the 24 hours to 23:00 GMT, the EUR declined 0.94% against the USD and closed at 1.1223, amid political uncertainty and concerns over Italy’s budget plans.
Separately, the US dollar rose against a basket of currencies yesterday, amid hopes that the US Federal Reserve will hike interest rates in December.
In the Asian session, at GMT0400, the pair is trading at 1.1249, with the EUR trading 0.23% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1200, and a fall through could take it to the next support level of 1.1150. The pair is expected to find its first resistance at 1.1315, and a rise through could take it to the next resistance level of 1.1380.
Going forward, investors would keep an eye on the Eurozone’s ZEW survey economic sentiment index for November along with Germany’s consumer price index for October and ZEW survey indices for November for further indication. Later in the day, the US NFIB small business optimism index for October, will keep investors on their toes.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
