EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.31% against the USD and closed at 1.0643 on Friday.
In economic news, Germany’s wholesale price index rose 2.8% on an annual basis in December, marking its biggest rise since October 2012. In the previous month, the wholesale price index had recorded a rise of 0.8%.
The US Dollar declined broadly against a basket of major currencies, after the US flash Reuters/Michigan consumer sentiment index unexpectedly edged down to a level of 98.1 in January, after notching a 12-year high level of 98.2 in the previous month, while markets expected the index to rise to a level of 98.5. Meanwhile, the nation’s advance retail sales climbed less-than-anticipated by 0.6% in December, compared to market consensus for an advance of 0.7% and following a revised rise of 0.2% in the prior month. On the other hand, US business inventories surged to its highest level since June 2015, after it gained 0.7% in November, surpassing market expectations for it to climb 0.6% and after recording a revised fall of 0.1% in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.0608, with the EUR trading 0.33% lower against the USD from Friday’s close.
The pair is expected to find support at 1.0578, and a fall through could take it to the next support level of 1.0549. The pair is expected to find its first resistance at 1.0654, and a rise through could take it to the next resistance level of 1.0701.
Going ahead, investors look forward to the Euro-zone’s trade balance figures for November, scheduled to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
