EUR/USD: Euro extends its gains in the Asian session


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.10% against the USD and closed at 1.1148 on Friday.

In the US, data showed that preliminary annualised gross domestic product (GDP) advanced 3.2% in 1Q 2019, surpassing market anticipation for a gain of 2.3%. In the prior quarter, the annualised GDP had recorded a rise 2.2%.

In the Asian session, at GMT0300, the pair is trading at 1.1158, with the EUR trading 0.09% higher against the USD from Friday’s close.

The pair is expected to find support at 1.1122, and a fall through could take it to the next support level of 1.1086. The pair is expected to find its first resistance at 1.1184, and a rise through could take it to the next resistance level of 1.1210.

Moving ahead, traders would await the Euro-zone’s economic confidence, industrial confidence and services confidence, all for April. Later in the day, the US personal income and personal spending, both for March, along with the Dallas Fed manufacturing activity for April, will garner significant amount of investor attention.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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