EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.42% against the USD and closed at 1.2322, after the European Central Bank (ECB) President, Mario Draghi, expressed confidence that inflation in the common currency region would accelerate in the near-term and that the economic growth would remain strong.
On the economic front, the Euro-zone’s Sentix investor confidence index dropped more-than-expected to a level of 19.6 in April, as concerns regarding a trade war weighed on investor sentiment. The index had recorded a level of 24.0 in the prior month, while markets had expected for a fall to a level of 20.8.
Separately, Germany’s seasonally adjusted trade surplus slightly widened to €18.4 billion in February. The nation had registered a revised trade surplus of €17.3 billion in the previous month, while markets were expecting for a surplus of €20.1 billion.
In the Asian session, at GMT0300, the pair is trading at 1.2317, with the EUR trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2275, and a fall through could take it to the next support level of 1.2234. The pair is expected to find its first resistance at 1.2344, and a rise through could take it to the next resistance level of 1.2372.
With no key macroeconomic releases in the Euro-zone today, investors would focus on the US NFIB small business optimism index as well as the producer price index, both for March, slated to release later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
