For the 24 hours to 23:00 GMT, the EUR rose 0.22% against the USD and closed at 1.0927, after German factory orders topped market expectations in June.
Data showed that Germany’s factory orders increased at a faster-than-expected pace, rebounding 2.0% MoM in June, after dipping 0.3% in the previous month and compared to market expectations of a gain of 0.2%.
In the US, the number of American filing new applications for unemployment benefits for the first time advanced to 270.0 K in the week ended 01 August, lower than market expectations of an increase to 272.0 K and following prior week’s level of 267.0 K, indicating firming of US labour market.
In the Asian session, at GMT0300, the pair is trading at 1.0920, with the EUR trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.0881, and a fall through could take it to the next support level of 1.0842. The pair is expected to find its first resistance at 1.0952, and a rise through could take it to the next resistance level of 1.0983.
Trading trends in the pair today are expected to be determined by the US crucial non-farm payrolls coupled with the nation’s unemployment rate data, set for release later today.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.