EURUSD Movement
On Friday, the EUR rose 0.44% against the USD and closed at 1.0813.
In economic news, the Euro-zone’s consumer price index registered a rise of 1.10% MoM in March, at par with market expectations. In the previous month, the consumer price index had recorded a rise of 0.60%.
Separately, the ECB President, Mario Draghi rejected the possibility of a Greece exit from the Euro-zone, restating that Europe’s single currency was irreversible. Further, he warned investors against dumping the single currency and opined that the Greece government should work more in order to satisfy the terms of its €240 billion bailout program.
In the US, the consumer price index rose 0.20% on a monthly basis in March, compared to a similar rise in the prior month. Markets were expecting the index to climb 0.30%. Meanwhile, the preliminary Reuters/Michigan consumer sentiment index advanced to a level of 95.90 in April, compared to a level of 93.00 in the previous month. Market anticipation were for it to rise to 94.00.
In the Asian session, at GMT0300, the pair is trading at 1.08, with the EUR trading 0.12% lower from Friday’s close.
The pair is expected to find support at 1.0739, and a fall through could take it to the next support level of 1.0679. The pair is expected to find its first resistance at 1.0855, and a rise through could take it to the next resistance level of 1.0910.
Trading trends in the pair today are expected to be determined by global macroeconomic news.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
