EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose marginally against the USD and closed at 1.3059. The greenback traded lower yesterday after existing home sales data in the US dropped unexpectedly in March. Also, the Federal Reserve Bank (Fed) of Chicago’s national activity index dropped to a reading of -0.23 in March from an upwardly revised level of 0.76 recorded in the previous month.
Meanwhile, consumer confidence index in the Euro-zone rose to a preliminary reading of -22.3 in April, from a level of -23.5 reported in March. Yesterday, the Eurostat reported that the Euro-zone’s government debt to GDP ratio increased to 90.6% at the end of 2012, compared to a ratio of 87.3% at the end of 2011.
In the Asian session, at GMT0300, the pair is trading at 1.3034, with the EUR trading 0.19% lower from yesterday’s close.
The pair is expected to find support at 1.3007, and a fall through could take it to the next support level of 1.2979. The pair is expected to find its first resistance at 1.3070, and a rise through could take it to the next resistance level of 1.3105.
Today’s PMI figures from France, Germany and the Euro-zone will shed more light about the strength on the recovery in the region. Investors focus would also be on Markit’s manufacturing PMI data in the US.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
