EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.21% against the USD and closed at 1.1289.
The US dollar declined against the euro, amid downbeat US consumer inflation data.
In the US, data showed that the US consumer price index climbed 1.5% on an annual basis in February, for the first time in four months and at its weakest pace in 2.5 years. Market participants had envisaged the CPI to record a rise of 1.6%. In the prior month, the CPI had advanced 1.6%. Moreover, the NFIB small business optimism index advanced to a level of 101.7 in February, compared to a reading of 101.2 in the previous month. Market participants had envisaged the index to jump to a level of 102.0. Further, average weekly earnings rose 1.6% on a yearly basis in February, compared to a rise of 1.9% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.1284, with the EUR trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1254, and a fall through could take it to the next support level of 1.1223. The pair is expected to find its first resistance at 1.1310, and a rise through could take it to the next resistance level of 1.1335.
Going forward, traders would await the Euro-zone’s industrial production for January, slated to release in a few hours. Later in the day, the US durable goods orders and construction spending, both for January and the producer price index for February along with the MBA mortgage applications, will garner significant amount of investor’s attention.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
