EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.65% against the USD and closed at 1.2451.
In economic news, the final gross domestic product (GDP) in France rose more than initially estimated by 0.7% QoQ in the final three months of 2017, while the preliminary figures had indicated an advance of 0.6%. The nation’s GDP had recorded a revised rise of 0.5% in the previous quarter.
In the US, data indicated that the Dallas Fed manufacturing business index fell more-than-estimated to a level of 21.4 in March, compared to market expectations for a drop to a level of 33.5. In the prior month, the index had registered a level of 37.2. Moreover, the nation’s Chicago Fed national activity index advanced to a level of 0.88 in February, beating market consensus for a rise to a level of 0.15. In the prior month, the index had registered a revised level of 0.02.
In the Asian session, at GMT0300, the pair is trading at 1.2448, with the EUR trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2384, and a fall through could take it to the next support level of 1.2320. The pair is expected to find its first resistance at 1.2487, and a rise through could take it to the next resistance level of 1.2526.
Moving ahead, investors would look forward to the Euro-zone’s final consumer confidence index for March, slated to release in a few hours. Later in the day, the US consumer confidence index for March, will be eyed by market participants.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
