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


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.60% against the USD and closed at 1.1166.

In the US, the NY Empire State manufacturing index unexpectedly dropped to a level of -21.5 in March, confounding market forecast for a rise to a level of 4.0 and compared to a level of 12.9 in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.1180, with the EUR trading 0.13% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1104, and a fall through could take it to the next support level of 1.1027. The pair is expected to find its first resistance at 1.1247, and a rise through could take it to the next resistance level of 1.1313.

Moving ahead, investors would keep a close watch on Euro-zone’s construction output for January and the ZEW economic sentiment index for March, along with Germany’s ZEW survey indices for March, due to release in a few hours. Later in the day, the US retail sales and industrial productions, both for February, as well as the NAHB housing market index for March, would keep investors on their toes. Also, business inventories and the JOLTS job opening, both for January, would pique 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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