EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 1.00% against the USD and closed at 1.0896.
On the macro front, Germany’s seasonally adjusted industrial production unexpectedly rose 0.3% on a monthly basis in February, defying market forecast for a drop of 0.9%. In the previous month, industrial production had recorded a revised rise of 3.2%.
In the US, the JOLTs job openings eased to 6882.0K in February, less than market anticipations and compared to a revised reading of 7012.0K in the prior month. Additionally, consumer credit change surged by $22.3 billion in February. In the prior month, consumer credit had recorded a revised reading of $12.1 billion. On the other hand, the IBD/TIPP economic optimism index dropped to 47.8 in April, compared to a level of 53.9 in the earlier month.
In the Asian session, at GMT0300, the pair is trading at 1.0865, with the EUR trading 0.28% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.0804, and a fall through could take it to the next support level of 1.0743. The pair is expected to find its first resistance at 1.0926, and a rise through could take it to the next resistance level of 1.0987.
Amid no major economic releases in the Euro-zone today, investors would keep an eye on the US MBA mortgage applications and the FOMC meeting minutes, slated to release later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
