EURUSD Movement
For the 24 hours to 23:00 GMT, EUR declined 0.13% against the USD and closed at 1.3448, as investors booked profits post its recent rally and as investors exercised caution ahead of the US Federal Reserve policy meeting.
In economic news, Euro-zone’s M3 money supply growth increased 3.3% (YoY) in December, below market expectations for a 3.9% increase and compared to a 3.8% rise in November. Additionally, loans to private sector dropped 0.7% annually in December, following a 0.8% drop recorded in November. Separately, in Italy, the consumer confidence index fell to a reading of 84.6 in January, compared to a reading of 85.7 posted in December.
In the Asian session, at GMT0400, the pair is trading at 1.3457, with the EUR trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3429, and a fall through could take it to the next support level of 1.34. The pair is expected to find its first resistance at 1.3482, and a rise through could take it to the next resistance level of 1.3506.
Germany’s Gfk consumer confidence survey and the import price index data are slated for release later today. Meanwhile, in the US, consumer confidence data and the S&P/Case-Shiller home price indices are eyed by investors.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
