EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.47% against the USD and closed at 1.2891.
In economic news, industrial new orders in Italy rose 1.6% (MoM) in March, following a 2.5% drop recorded in the previous month. However industrial sales recorded a drop in March.
Separately, in the US, the Federal Reserve Bank (Fed) of Chicago reported that its national activity index fell to a reading of -0.53 in April.
In the Asian session, at GMT0300, the pair is trading at 1.2895, with the EUR trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.2850, and a fall through could take it to the next support level of 1.2804. The pair is expected to find its first resistance at 1.2923, and a rise through could take it to the next resistance level of 1.2950.
The German producer price index data scheduled for release later today is expected to record an increase in April.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
