EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.32% against the USD and closed at 1.1183.
In economic news, wage inflation in Italy climbed 0.10% MoM in February. In the prior month, the wage inflation had registered a level of 0.00%.
In the US, data released showed that new home sales advanced 2.00%, on monthly basis, to a level of 512.00 K in February, compared to a revised level of 502.00 K in the prior month, thus pointing towards a gradual improvement in the nation’s housing sector. Markets were expecting new home sales to climb to 510.00 K. Meanwhile, US mortgage applications recorded a drop of 3.3%, on a weekly basis in the week ended 18 March, from a similar fall in the previous week.
In the Asian session, at GMT0400, the pair is trading at 1.1176, with the EUR trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.1152, and a fall through could take it to the next support level of 1.1128. The pair is expected to find its first resistance at 1.1208, and a rise through could take it to the next resistance level of 1.1239.
Trading trends in the Euro today are expected to be determined by Germany’s Gfk consumer confidence index data set for release in a few hours. Meanwhile, US initial jobless claims, durable goods orders and the services PMI data would garner lot of market attention.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
