EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.64% against the USD and closed at 1.0571.
Yesterday, the ECB announced that it has spent €9.75 billion buying government bonds, in the first week of its programme to pump in more than €1 trillion in the European economy till September 2016.
Separately, the ECB President, Mario Draghi opined that a sustained economic recovery in the Euro-zone was taking hold and added that confidence among firms and consumers in the region was on the rise.
In the US, industrial production advanced 0.1% on a monthly basis in February, compared to a fall of 0.3% recorded in the preceding month. Markets were expecting it to rise 0.2%. Meanwhile, manufacturing production in the nation recorded an unexpected drop of 0.2% MoM in February, lower than market expectations for an unchanged reading. In the previous month, it had dropped by a revised 0.3%.
In the Asian session, at GMT0400, the pair is trading at 1.0563, with the EUR trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 1.0500, and a fall through could take it to the next support level of 1.0438. The pair is expected to find its first resistance at 1.0623, and a rise through could take it to the next resistance level of 1.0683.
Trading trends in the Euro today are expected to be determined by Germany’s ZEW economic sentiment coupled with the Euro-zone’s CPI data, scheduled in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
