EURUSD Movement
On Friday, EUR declined 0.27% against the USD and closed at 1.3080, as disappointing US economic data dented investor sentiment.
In the US, retail sales retreated 0.4% (MoM) to $418.3 billion in March, compared to a downwardly revised rise of 1.0% recorded in the previous month, while consumer sentiment index dropped to a reading of 72.3 in April, from 78.6 reported in the previous month. Separately, business inventories rose 0.10% to a seasonally adjusted $1.64 trillion in February.
In the Euro-zone economic news, the seasonally adjusted industrial production rose 0.4% (MoM) in February. Meanwhile whole sale price index in Germany rose 0.3% (YoY) in March.
In the Asian session, at GMT0300, the pair is trading at 1.3078, with the EUR trading marginally lower from Friday’s close.
The pair is expected to find support at 1.3034, and a fall through could take it to the next support level of 1.2991. The pair is expected to find its first resistance at 1.3124, and a rise through could take it to the next resistance level of 1.3171.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
