EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.18% against the USD and closed at 1.1193, following reports that the European Union is planning to take disciplinary action against Italy for its failure to meet budget rules.
On Friday, data showed that the US preliminary durable goods orders fell 2.1% on a monthly basis in April, surpassing market consensus for a drop of 2.0%. In the prior month, durable goods orders had registered a revised rise of 1.7%.
In the Asian session, at GMT0300, the pair is trading at 1.1182, with the EUR trading 0.10% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1170, and a fall through could take it to the next support level of 1.1157. The pair is expected to find its first resistance at 1.1205, and a rise through could take it to the next resistance level of 1.1227.
Looking ahead, traders would await the Euro-zone’s economic confidence, industrial confidence and consumer confidence indices, all for May along with Germany’s GfK consumer confidence for June, scheduled to release in a few hours. Later in the day, the US house price index for March as well as the consumer confidence index and the Dallas Fed manufacturing index, both for May, will pique significant amount of investors’ attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
