EURUSD Movement
On Friday, EUR declined 0.48% against the USD and closed at 1.2981, as a rise in Euro-zone’s unemployment data disappointed investors, and as upbeat US economic data helped push the greenback higher.
Unemployment rate in the Euro-zone rose to a new record high of 12.2% in April. Separately, a preliminary report showed that the Euro-zone’s consumer price index rose to an annualized rate of 1.4% in May. Meanwhile, retail sales in Germany slipped 0.4% in April.
In the US, the Michigan consumer sentiment rose above preliminary reading in May, while Chicago PMI surged to a reading of 58.7 in May from 49.0 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3015, with the EUR trading 0.26% higher from Friday’s close.
The pair is expected to find support at 1.2956, and a fall through could take it to the next support level of 1.2898. The pair is expected to find its first resistance at 1.3060, and a rise through could take it to the next resistance level of 1.3106.
Investors await the string of PMI data in Europe later today for further cues on the progress of the European economy. The US is also scheduled to release its ISM and Markit manufacturing PMI.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
