EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.61% against the USD and closed at 1.1154.
On the data front, Germany’s Ifo business climate index unexpectedly slid to a level of 99.2 in April, compared to a revised level of 99.7 in the previous month. Markets participants had envisaged the index to climb to a level of 99.9. Moreover, the nation’s Ifo business expectations index surprisingly declined to a level of 95.2 in April, defying market expectations for a rise to a level of 96.1. In the prior month, the index had registered a reading of 95.6. Also, the Ifo current assessment index fell to a level of 103.3 in April, compared to a revised reading of 103.9 in the previous month. Markets had anticipated the index to register a fall to a level of 103.5.
In the US, data indicated that MBA mortgage applications plunged 7.3% on a weekly basis, in the week ended 19 April 2019, declining to its lowest level in four months and following a fall of 3.5% in the prior week.
In the Asian session, at GMT0300, the pair is trading at 1.1158, with the EUR trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1125, and a fall through could take it to the next support level of 1.1092. The pair is expected to find its first resistance at 1.1207, and a rise through could take it to the next resistance level of 1.1256.
Amid lack of macroeconomic releases in the Euro-zone today, investors would focus on the US durable goods orders for March along with weekly initial jobless claims, slated to release later in the day.
The currency pair is trading below with its 20 Hr and 50 Hr moving averages.
