EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.21% against the USD and closed at 1.1220.
In the US, data showed that the producer price index advanced 2.2% on an annual basis in April, undershooting market consensus for a rise of 2.3%. The index had registered a similar rise in the prior month. Moreover, the nation’s seasonally adjusted initial jobless claims declined to a level of 228.0K on a weekly basis in the week ended 04 May 2019, less than market expectations of a fall to a level of 220.0K. In the prior week, initial jobless claims had registered a level of 230.0K.
On the other hand, the US trade deficit widened to $50.0 billion in March, compared to a revised deficit of $49.3 billion in the previous month. Market participants had anticipated the nation to post a trade deficit of $50.1 billion.
In the Asian session, at GMT0300, the pair is trading at 1.1227, with the EUR trading 0.06% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1184, and a fall through could take it to the next support level of 1.1140. The pair is expected to find its first resistance at 1.1261, and a rise through could take it to the next resistance level of 1.1294.
Looking ahead, traders would await the Germany’s trade balance data for March, set to release in a few hours. Later in the day, the US consumer price index and monthly budget statement, both for April, will be on investors’ radar.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
