EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.17% against the USD and closed at 1.3016. The greenback came under pressure after the US durable goods orders dropped more-than-expected in March. On a seasonally adjusted monthly basis, orders for US durable goods declined by 5.7% or $13.1 billion in March, to $216.3 billion, against the expected 3.0% drop. Additionally, durable goods orders excluding transportation decreased 1.4% (MoM) in March.
However, the Euro was earlier under pressure as the Germany business confidence index retreated to 104.4 April, while the business expectations index slipped to 101.6 in April. Similarly, the assessment of current conditions dropped to 107.2 in April.
The European Central Bank Vice President, Vitor Constancio stated that policy makers are ready to provide more stimulus if data keep suggesting that the Euro-area economy is struggling to emerge from recession.
In the Asian session, at GMT0300, the pair is trading at 1.3046, with the EUR trading 0.23% higher from yesterday’s close.
The pair is expected to find support at 1.2979, and a fall through could take it to the next support level of 1.2913. 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 1.3129.
With no major economic event scheduled in Europe today, the US initial jobless claims and continuing jobless claims data is likely to impact the trading trend in the pair.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
