EUR/USD: Euro-zone’s economic growth slowed as initially estimated in 4Q 2019


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR declined 1.04% against the USD and closed at 1.1308.

On the macro front, Euro-zone’s gross domestic product (GDP) rose 0.1% on a quarterly basis in the fourth quarter of 2019, in line with preliminary estimates and compared to a rise of 0.3% in the previous quarter.

In the US, the NFIB small business optimism index remained climbed to 104.5 in February, in line with market expectations and compared to a level of 104.30 in the prior month.

In the Asian session, at GMT0400, the pair is trading at 1.1330, with the EUR trading 0.19% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1265, and a fall through could take it to the next support level of 1.1200. The pair is expected to find its first resistance at 1.1405, and a rise through could take it to the next resistance level of 1.1480.

In absence of key macroeconomic releases in the Euro-zone today, investors would direct their attention to the US consumer price index (CPI) and monthly budget statement, both for February as well as the MBA mortgage applications, due later today.

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

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