For the 24 hours to 23:00 GMT, the EUR rose 0.11% against the USD and closed at 1.2334.
Macroeconomic data revealed that the US Federal Government recorded a budget deficit of $215.2 billion in February, posting its largest monthly deficit in 6 years, thus suggesting that the impact of the recent tax cuts has begun to surface. In the previous month, the US Government registered a budget surplus of $49.2 billion.
In the Asian session, at GMT0400, the pair is trading at 1.2331, with the EUR trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2300, and a fall through could take it to the next support level of 1.2268. The pair is expected to find its first resistance at 1.2354, and a rise through could take it to the next resistance level of 1.2376.
With no macroeconomic releases in the Euro-zone today, investors would direct their attention to the crucial US consumer price inflation data for February, set to release later in the day, to gauge the outlook for inflation.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.