EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.33% against the USD and closed at 1.3197, following the release of broadly weaker-than-expected US economic data on housing and consumer confidence.
However, sentiments on the Euro remained weak after Spain saw its borrowing costs almost double at its near term bond auction. In a bond auction, Spain sold €725 million of three-month bonds at a yield of 0.63%, up from 0.38% in March and €1.2 billion of six-month bonds at a yield of 1.58%, up from 0.83% last month.
The Euro however gained after an auction of Dutch government debt met with solid investor demand, but fears that the country could lose its triple-A credit rating lingered following the collapse of the government on Monday.
In economic news, the industrial new orders in the Euro-zone fell by 1.3% in February, compared to 2.9% decline in January. Market had expected 0.5% drop in February. Meanwhile, the consumer confidence indicator in France rose to 88.0 in April, compared to 87.0 in March.
In the Asian session, at GMT0300, the pair is trading at 1.3197, with the EUR trading flat from yesterday’s close.
The pair is expected to find support at 1.3156, and a fall through could take it to the next support level of 1.3115. The pair is expected to find its first resistance at 1.3228, and a rise through could take it to the next resistance level of 1.3259.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
