EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.79% against the USD, on Friday, and closed at 1.3077, amid speculation that the European Central Bank (ECB) would restart its government bond purchase program.
Additionally, a downbeat Chinese GDP data and rise in Spanish bond yields further weighed on investor sentiment.
On the economic front, consumer price inflation in Germany declined to 2.1% (YoY) in March, matching previous estimates and compared to a 2.3% growth in February. Meanwhile, the harmonized index of consumer prices climbed 2.3% (YoY) in March, slightly slower than the 2.5% growth seen in February.
In the Asian session, at GMT0300, the pair is trading at 1.3024, with the EUR trading 0.40% lower from Friday’s close.
The pair is expected to find support at 1.2961, and a fall through could take it to the next support level of 1.2898. The pair is expected to find its first resistance at 1.3135, and a rise through could take it to the next resistance level of 1.3247.
Trading trends in the pair today are expected to be determined by the release of trade balance data in the Euro-zone.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
