EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.22% against the USD and closed at 1.3052.
The Euro was hit by mixed industrial production data across the Europe. Industrial output in France rose 0.7% (MoM) in February, compared to a 0.8% drop recorded in the previous month. Meanwhile, industrial production in Italy and Spain fell 3.8% (YoY) and 6.5% (YoY) respectively, in February.
Yesterday, the Federal Reserve, in its minutes for the recently held meeting, indicated that the policy makers were at odds as to when to end the bond buying program.
The US also released its monthly budget statement wherein, the budget deficit dropped to $106.5 billion in March, from $203.5 billion deficit in February.
In the Asian session, at GMT0300, the pair is trading at 1.3059, with the EUR trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3028, and a fall through could take it to the next support level of 1.2996. The pair is expected to find its first resistance at 1.3107, and a rise through could take it to the next resistance level of 1.3154.
Consumer prices data from Germany and France, import prices and initial jobless claims data from the US are the major events in the docket today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
