EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.11% against the USD and closed at 1.3197, after series of weak economic data from the Euro-zone.
In Euro-zone, the preliminary manufacturing Purchasing Managers’ Index (PMI) fell to a reading of 47.7 in March, while the services PMI dropped to a reading of 48.7 in March. Euro-zone industrial new orders fell 2.3% (MoM) in January, while consumer confidence index rose to -19.0 in March.
Meanwhile, in Germany, the preliminary manufacturing PMI declined unexpectedly to a reading of 48.1 in March, while the preliminary services PMI dropped to a reading of 51.8 in March.
In France, the preliminary manufacturing PMI fell unexpectedly to a reading of 47.6 in March, while the preliminary services PMI remained unchanged at a neutral reading of 50.0 in March.
In the Asian session, at GMT0400, the pair is trading at 1.3205, with the EUR trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 1.3141, and a fall through could take it to the next support level of 1.3077. The pair is expected to find its first resistance at 1.3262, and a rise through could take it to the next resistance level of 1.3319.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
