EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.56% against the USD and closed at 1.1104.
In economic news, Eurozone’s industrial production rebounded above expectations by 2.1% MoM in January, thus easing concerns about the region’s underlying economic conditions. In the previous month, it had registered a revised drop of 0.5% and compared to market anticipation for a rise of 1.7%.
In the Asian session, at GMT0400, the pair is trading at 1.1108, with the EUR trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.1068, and a fall through could take it to the next support level of 1.1028. The pair is expected to find its first resistance at 1.1158, and a rise through could take it to the next resistance level of 1.1208.
Going ahead, investors will look forward to the US advance retail sales and NAHB housing market index data, scheduled to be released later in the day.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
