EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.16% against the USD and closed at 1.3792, in a thin-holiday trading session.
Meanwhile, the US Dollar gained ground after the Conference Board reported that its leading index for the US economy rose 0.8% (MoM) in March, the most in four months and more than market expectations for a 0.7% (MoM) rise. However, the Chicago Fed national activity index declined to a reading of 0.20 in March, from a level of 0.53 in February.
In a noteworthy event, the IMF raised its growth forecast on the Portuguese economy to 1.2% this year, 0.4 percentage points more than its previous forecast. However, at the same time, the IMF cautioned about challenges in attaining sustainable growth due to factors such as persistent-high production costs and massive private-sector debt.
In the Asian session, at GMT0300, the pair is trading at 1.3796, with the EUR trading slightly higher from yesterday’s close.
The pair is expected to find support at 1.3778, and a fall through could take it to the next support level of 1.3759. The pair is expected to find its first resistance at 1.3823, and a rise through could take it to the next resistance level of 1.3849.
Later today, traders would eye the release of the Euro-zone’s construction output and consumer confidence data, for further cues in the Euro.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
