EUR/USD: Euro-zone’s Sentix investor confidence index advanced for the second consecutive month in April


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.32% against the USD and closed at 1.1257.

On the macro front, the Euro-zone’s Sentix investor confidence index climbed to a level of -0.3 in April, notching its highest level since November 2018. The index had recorded a reading of -2.2 in the previous month.

Separately, in Germany, seasonally adjusted trade surplus widened to a €17.9 billion in February, compared to market expectations for a surplus of €16.0 billion. The nation had posted a surplus of €14.6 billion in the prior month.

The US dollar declined against a basket of currencies, following weak factory orders data.

In the US, data showed that factory orders declined 0.5% on a monthly basis in February, less than market expectations. In the prior month, factory orders had recorded an unchanged revised reading. Moreover, final durable goods orders eased 1.6% on a monthly basis in February, confirming the preliminary figures and in line with market anticipations. In the preceding month, durable goods had recorded a revised gain of 0.1%.

In the Asian session, at GMT0300, the pair is trading at 1.1267, with the EUR trading 0.09% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1233, 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 1.1287, and a rise through could take it to the next resistance level of 1.1308.

Amid lack of macroeconomic releases in the Euro-zone today, traders would closely monitor the US NFIB small business optimism for March and the JOLTS job openings for February, slated to release later in the day.

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

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