For the 24 hours to 23:00 GMT, the EUR rose 0.57% against the USD and closed at 1.1940.
In the US, the housing starts jumped 22.6% to an annual rate of 1.50 million on a monthly basis in July, compared to a revised reading of 1.22 million in the previous month. Additionally, building permits surged 18.8% to an annual rate of 1.50 million on a monthly basis in July, compared to a revised level of 1.26 million in the earlier month.
In the Asian session, at GMT0300, the pair is trading at 1.1937, with the EUR trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1891, and a fall through could take it to the next support level of 1.1846. The pair is expected to find its first resistance at 1.1974, and a rise through could take it to the next resistance level of 1.2012.
Going forward, traders would keep a watch on Euro-zone’s consumer price index for July and current account for June, slated to release in a few hours. Later in the day, the US MBA mortgage applications followed by the FOMC minutes, would keep investors on their toes.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
