EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.65% against the USD and closed at 1.3160, after German industrial production increased in March, supporting the recently released German factory orders data.
The German industrial production rose unexpectedly by a seasonally adjusted 1.2% (MoM) in March, against market expectations for a 0.1% drop.
In the Asian session, at GMT0300, the pair is trading at 1.3166, with the EUR trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3103, and a fall through could take it to the next support level of 1.3040. The pair is expected to find its first resistance at 1.3212, and a rise through could take it to the next resistance level of 1.3258.
The pair is expected to trade on the trend of the greenback as major European markets are closed today on account of a public holiday.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
