EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.43% against the USD, on Friday, and closed at 1.3239, after a successful Italian bond auction, while renewed expectations for further easing measures by the Federal Reserve weighed broadly on the greenback.
On economic front, the consumer confidence index in Germany declined to a reading of 5.6 in May, compared to a revised reading of 5.8 in April. Separately, consumer spending in France fell 2.9% (MoM) in April, compared to a downwardly revised 2.9% gain in February. Analysts were expecting a 1.9% fall.
In the Asian session, at GMT0300, the pair is trading at 1.3238, with the EUR trading flat from Friday’s close.
The pair is expected to find support at 1.3173, and a fall through could take it to the next support level of 1.3109. The pair is expected to find its first resistance at 1.3286, and a rise through could take it to the next resistance level of 1.3334.
Trading trends in the pair today are expected to be determined by money supply and consumer price index data in the Euro-zone.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
