EUR/USD: Euro trading on a stronger footing this morning


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.77% against the USD and closed at 1.1318 on Friday.

On the macro front, Germany’s factory orders advanced 5.5% on a monthly basis in January, on robust foreign demand and registering its biggest increase since July 2014. In the previous month, factory orders had declined 2.1%.

In the US, non-farm payrolls rose by 273.0K in February, beating market expectations for a rise of 175.0K and compared to a revised reading of 273.0K jobs in the prior month. Moreover, trade deficit narrowed to $45.3 billion in January, surpassing market anticipations and compared to a revised deficit of $48.6 billion in the prior month. Additionally, the unemployment rate unexpectedly eased to 3.5% in February, compared to 3.6% in the previous month. Furthermore, average hourly earnings of all employees advanced 0.3% on a monthly basis in February, in line with market forecast and compared to a rise of 0.2% in the prior month.

In the Asian session, at GMT0400, the pair is trading at 1.1413, with the EUR trading 0.84% higher against the USD from Friday’s close.

The pair is expected to find support at 1.1256, and a fall through could take it to the next support level of 1.1100. The pair is expected to find its first resistance at 1.1532, and a rise through could take it to the next resistance level of 1.1652.

Looking ahead, traders would keep a close watch on Euro-zone’s Sentix investor confidence index for March, slated to release in a few hours. Additionally, Germany’s trade balance, current account and industrial production, all for January, will be eyed by traders.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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