EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.43% against the USD and closed at 1.3124, ahead of Thursday’s European Central Bank decision on interest rates.
However, on the economic front, Euro-zone’s sentix index rose for the fifth consecutive month to -7.0 in January, from -16.8 in December. Meanwhile, the producer price index (PPI) declined 0.2% in November, compared to a 0.1% rise in the previous month.
In bond auction, Germany’s 10-year notes yields declined to 1.52%, after having fallen toward 1.2% in July.
In the Asian session, at GMT0400, the pair is trading at 1.3120, with the EUR trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.3044, and a fall through could take it to the next support level of 1.2969. The pair is expected to find its first resistance at 1.3167, and a rise through could take it to the next resistance level of 1.3215.
Amidst a string of economic releases in the Euro-zone, investors keenly await business confidence, consumer confidence and retail sales data. Moreover, the French and German trade balance data and German factory orders are also eyed by investors.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
