EUR/USD: Euro Reverses Its Previous Session Gains

 
EUR/USD: Euro Reverses Its Previous Session Gains
 
For the 24 hours to 23:00 GMT, EUR rose 0.21% against the USD and closed at 1.3135.
 
On the economic front, Germany’s Ifo business climate index rose to a reading of 105.90 in June, while the business expectations index advanced to a reading of 102.50 in June, however the current assessment index slipped marginally to a reading of 109.40 in June.
 
Separately, Italy’s trade surplus with the non European nations widened to €2.97 billion in May.
 
In the US, the Federal Reserve Bank (Fed) of Chicago reported that its national activity index increased to a reading of -0.30 in May, from an upwardly revised level of -0.52 recorded in the previous month. Moreover, the seasonally adjusted Dallas fed manufacturing business index improved to a reading of 6.5 in June.
 
Separately, the Federal Reserve Bank of New York President, William Dudley, indicated that monetary policies may need to be “more accommodative than otherwise” in the wake of financial crises that impair a central bank’s ability to nurture the real economy.
 
In the Asian session, at GMT0300, the pair is trading at 1.3113, with the EUR trading 0.17% lower from yesterday’s close.
 
The pair is expected to find support at 1.3066, and a fall through could take it to the next support level of 1.3018. The pair is expected to find its first resistance at 1.3153, and a rise through could take it to the next resistance level of 1.3192.
 

Later today business climate data is due in France, while Italy is scheduled to report retail sales data.