EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.88% against the USD and closed at 1.0973.
The greenback lost ground, after the US consumer confidence unexpectedly slumped to 95.2 in April, following a revised reading of 101.4 registered in the prior month.
Other economic data showed that the Richmond Fed manufacturing index recorded a rise to -3.00 in April, compared to a level of -8.00 in the prior month. Markets were expecting the index to advance to -2.00.
In the Asian session, at GMT0300, the pair is trading at 1.0969, with the EUR trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0889, and a fall through could take it to the next support level of 1.0808. The pair is expected to find its first resistance at 1.1021, and a rise through could take it to the next resistance level of 1.1072.
Trading trends in the Euro today are expected to be determined by Germany’s consumer price inflation data, scheduled in a few hours. Additionally, the US GDP data for the first quarter along with the FOMC rate decision, scheduled later today would generate lot of market attention.
The currency pair is trading/showing convergence with its 20 Hr and 50 Hr moving average.
