EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.31% against the USD and closed at 1.0813 on Friday.
On the macro data, Germany’s Ifo business climate dropped to a historic low level of 74.3 in April, driven by the massive deterioration in the current scenario and more than market anticipations for a fall to a level of 80.0. In the prior month, the index had recorded a revised reading of 85.9. Additionally, the Ifo current assessment declined to 79.5 in April, more than market expectations for a fall to reading of 81.0 and compared to a revised level of 92.9 in the previous month. Moreover, the Ifo expectations fell more-than-expected to 69.4 in April, compared to revised reading of 79.5 in the earlier month.
In the US, durable goods orders plunged 14.4% in March, driven by drop in orders for non-defense aircraft and parts and more than market consensus for a drop 11.9%. In the previous month, durable goods orders had recorded a revised rise of 1.1%. Furthermore, the Michigan consumer sentiment index declined to 71.8 in April, compared to a reading of 89.1 in the prior month. The preliminary figures had indicated a fall to 71.0.
In the Asian session, at GMT0300, the pair is trading at 1.0823, with the EUR trading 0.09% higher against the USD from Friday’s close.
The pair is expected to find support at 1.0756, and a fall through could take it to the next support level of 1.0689. The pair is expected to find its first resistance at 1.0861, and a rise through could take it to the next resistance level of 1.0899.
Amid no major economic releases across the Euro-zone today, investor would keep an eye on the US Dallas Fed manufacturing business for April, slated to release later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
