EURUSD Movement
On Friday, the EUR rose 0.38% against the USD and closed at 1.1447.
The greenback lost ground, following weak economic data in the US.
Data released showed that the preliminary Reuters/Michigan consumer sentiment index in the US unexpectedly plummeted to a 2-year low of 88.6 in May, down from a level of 95.9 in April.
The greenback was further weighed down, after the US industrial production unexpectedly shrank 0.30%, registering its fifth successive month drop in April, less than market expectations for an unchanged reading.
In the Asian session, at GMT0300, the pair is trading at 1.1434, with the EUR trading 0.11% lower from Friday’s close.
The pair is expected to find support at 1.1349, and a fall through could take it to the next support level of 1.1265. The pair is expected to find its first resistance at 1.1494, and a rise through could take it to the next resistance level of 1.1553.
Amid no major economic releases in the Euro-zone today, investors wait the release of Germany’s ZEW survey along with the Euro-zone’s inflation data, scheduled tomorrow to get better insights in the nation’s economy.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
