EURUSD Movement
On Friday, EUR rose 0.21% against the USD and closed at 1.3620.
The US Dollar lost against the Euro after the US non-farm payrolls rose by 113,000 jobs in January, failing to meet analysts’ expectations for a rise of 175,000 and compared to an addition of 75,000 jobs registered in the previous month. However, the unemployment rate inched down to 6.6% in January, contrary to expectations of an unchanged level of 6.7%.
Meanwhile, in the Euro-zone, data revealed that Germany’s trade surplus notched the highest level recorded in 2013 and unexpectedly widened to €23.5 billion in December on a non-seasonally adjusted basis, compared to previous month’s surplus of €23.3 billion. Also, the nation’s industrial output declined 0.6% (MoM) in December, defying analysts’ call for a 0.5% rise and compared to a 2.4% (MoM) increase recorded in the preceding month. Separately, a report from France showed that trade deficit in the nation narrowed to €5.2 billion in December, from a deficit of €5.7 billion registered in November.
In the Asian session, at GMT0400, the pair is trading at 1.3623, with the EUR trading tad higher from Friday’s close.
The pair is expected to find support at 1.3568, and a fall through could take it to the next support level of 1.3513. The pair is expected to find its first resistance at 1.3661, and a rise through could take it to the next resistance level of 1.3699.
Market participants are expected to keep a close watch on the Euro-zone’s Sentix investor confidence data and industrial production report from Euro-zone’s periphery nations, France, Italy and Greece.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
