EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 1.51% against the USD and closed at 1.0668, reversing its previous session gains.
In the US, number of people claiming unemployment benefits for the first time rose less than expected to 291.00 K in the week ended 14 March 2015, compared to a revised reading of 290.00 K registered in the previous week. Market expectations were for initial claims to climb to 293.00 K. Meanwhile, leading indicator in the nation registered a rise of 0.20% in February, at par with market expectations. In the prior month, leading indicator had registered a similar rise.
Other data showed that the Philadelphia Fed manufacturing survey recorded an unexpected drop to a level of 5.00 in March, compared to a level of 5.20 in the previous month. Market anticipations were for it to climb to 7.00.
In the Asian session, at GMT0400, the pair is trading at 1.0681, with the EUR trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 1.0592, and a fall through could take it to the next support level of 1.0504. The pair is expected to find its first resistance at 1.0789, and a rise through could take it to the next resistance level of 1.0898.
Trading trends in the pair today are expected to be determined by global macroeconomic news.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
