EURUSD Movement
On Friday, EUR declined 0.38% against the USD and closed at 1.2983.
On the macro front, German trade surplus rose to a seasonally adjusted €17.6 billion in March, from a revised €17.7 billion recorded in the previous month. Exports in Germany rebounded 0.5% (MoM) in March, while imports rose less-than-expected by 0.8% (MoM) in the same month. In Italy, industrial output dropped a seasonally adjusted 0.8% (MoM) in March, following a revised 0.9% decline recorded in February.
In the US, data indicated that monthly budget balance swung to a surplus of $112.9 billion in April, from a $106.5 billion deficit recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2966, with the EUR trading 0.13% lower from Friday’s close.
The pair is expected to find support at 1.2917, and a fall through could take it to the next support level of 1.2867. The pair is expected to find its first resistance at 1.3034, and a rise through could take it to the next resistance level of 1.3101.
With not much data from the Euro-zone scheduled for today, the pair is expected to trade on the trends of the greenback.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
