EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.74% against the USD and closed at 1.3043.
In the Euro-zone, data indicated that economic sentiment index rose to a reading of 89.4 in May, from a reading of 88.6 recorded in the previous month. Similarly, business climate, industrial confidence and consumer confidence in the Euro-zone improved in May. Separately, gross domestic product data from Spain indicated that, the nation contracted 0.5% in Q1 2013, in line with market expectations and less than the 0.8% contraction recorded in the previous quarter.
In the US, gross domestic product data rose at an annual rate of 2.4% in Q1 2013 compared to the previously reported 2.5% growth. Meanwhile, the number of people filing for jobless claims increased to 354K in the week ending May 24, from a revised 344K recorded in the previous week.
Additionally, pending home sales rose less-than-expected by 10.3% in April, following a 7.0% increase recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3038, with the EUR trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.2965, and a fall through could take it to the next support level of 1.2891. The pair is expected to find its first resistance at 1.3087, and a rise through could take it to the next resistance level of 1.3135.
Ahead in the day, German retail sales, French unemployment rate along with the consumer price inflation data from Euro-zone and Italy are on focus.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
