EURUSD Movement
On Friday, the EUR declined 0.30% against the USD and closed at 1.1205.
In economic news, the seasonally adjusted industrial production in Germany unexpectedly fell 0.5% MoM in March, compared to an increase of 0.2% registered in the previous month. On the other hand, German trade balance widened more than expected to €23.0 billion in March, compared to prior month’s revised surplus of €19.5 billion.
Separately, the ECB’s Vice President, Vitor Constancio opined that the central bank’s quantitative easing (QE) program has been working as planned and would help in stabilizing the financial system, rather than posing risks.
The greenback traded on a stronger footing, after unemployment rate in the US dipped to a 7-year low of 5.4% in April, from prior month’s level of 5.5%. However, non-farm payrolls in the nation registered a rise of 223.00 K in April, compared to market expectations of an advance of 230.00 K. Non-farm payrolls had registered a revised increase of 85.00 K in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.1156, with the EUR trading 0.44% lower from Friday’s close.
The pair is expected to find support at 1.1108, and a fall through could take it to the next support level of 1.1060. The pair is expected to find its first resistance at 1.1247, and a rise through could take it to the next resistance level of 1.1339.
Amid no economic releases in the Euro-zone today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
