EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.18% against the USD and closed at 1.1360.
In the US, data indicated that the US Chicago Fed national activity index unexpectedly fell to a level of -0.43 in January, defying market expectations for a rise to a level of 0.15. In the previous month, the index had recorded a revised reading of 0.05. Meanwhile, the nation’s Dallas Fed manufacturing business index advanced to a level of 13.1 in February, compared to a reading of 1.0 in the previous month. Market participants had expected the index to record a gain to a level of 4.9.
In the Asian session, at GMT0400, the pair is trading at 1.1363, with the EUR trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1344, and a fall through could take it to the next support level of 1.1325. The pair is expected to find its first resistance at 1.1375, and a rise through could take it to the next resistance level of 1.1387.
Looking ahead, traders would keep an eye on Germany’s GfK consumer confidence index for March, scheduled to release in a while. Later in the day, the US housing starts and building permits, both for December, along with the Richmond Fed manufacturing index and the consumer confidence index, both for February, will garner significant amount of investors’ attention. Additionally, Fed Chairman Jerome Powell’s testimony, slated to release later in the day, will garner significant amount of investor attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
