EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.54% against the USD, on Friday, and closed at 1.3214, amid an upbeat German economic data and reassuring comments from the International Monetary Fund.
Investor’s risk sentiment received a lift, as G20 Finance Ministers and Central Bank Governors reached an agreement to increase funding resources of the International Monetary Fund by over $430 billion to safeguard global financial stability.
In economic news, in Germany, the Ifo Institute for Economic Research reported that its index of business climate rose to 109.9 in April, from 109.8 in the previous month. Market had expected it to rise to 109.5 in April. Additionally, the current conditions index increased to 117.5 in April, from 117.4 in March. Market had expected current conditions index to decline to 117.0 in April. Meanwhile, the expectations index remained steady at 102.7 in April.
The Producer Price Index (PPI) rose 0.6% (MoM) in March, greater than market expectations of 0.4% rise, compared to 0.4% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3190, with the EUR trading 0.18% lower from Friday’s close.
The pair is expected to find support at 1.3137, and a fall through could take it to the next support level of 1.3084. The pair is expected to find its first resistance at 1.3235, and a rise through could take it to the next resistance level of 1.3280.
Trading trends in the pair today are expected to be determined by services and manufacturing Purchasing Manager Index (PMI) in Euro-zone.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
