EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.38% against the USD and closed at 1.0850.
In the US, the NFIB business optimism index unexpectedly dropped to 90.9 in April, defying market forecast for a rise to a level of 96.9 and compared to a level of 96.4 in the previous month. Additionally, the consumer price index fell 0.8% on a monthly basis in April, marking its largest decline since December 2008 and in line with market expectations. In the prior month, the index had recorded a fall of 0.4%.
In the Asian session, at GMT0300, the pair is trading at 1.0851, with the EUR trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 1.0801, and a fall through could take it to the next support level of 1.0751. The pair is expected to find its first resistance at 1.0893, and a rise through could take it to the next resistance level of 1.0935.
Moving ahead, traders would keep a watch on Euro-zone’s industrial production for March, slated to release in a few hours. Later in the day, the US producer price index for April, following with the Federal Reserve Powell speech, would keep investors on their toes.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
