EURUSD Movement
On Friday, the EUR declined 1.35% against the USD and closed at 1.0483.
In economic news, Germany’s wholesale price index rebounded 0.5% MoM in February, following a drop of 0.4% in January.
In the US, the Michigan preliminary consumer confidence index surprisingly fell to a reading of 91.2 in March, reversing market expectations of an advance to a level of 95.7. The index had registered a reading of 95.4 in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.0519, with the EUR trading 0.34% higher from Friday’s close.
The pair is expected to find support at 1.0443, and a fall through could take it to the next support level of 1.0366. The pair is expected to find its first resistance at 1.0615, and a rise through could take it to the next resistance level of 1.0711.
Trading trends in the pair today are expected to be determined by the ECB Chief, Mario Draghi’s speech, scheduled later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
