EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.41% against the USD and closed at 1.3095.
In the Euro-zone, economic confidence fell to a reading of 88.6 in April, while industrial confidence declined to -13.8 in April. Consumer confidence stood at -22.3 in April while business climate indicator fell to a reading of -0.93 in April. Also, the service confidence slipped to -11.1 in April. Separately, preliminary consumer price index (CPI) in Germany advanced 1.2% (YoY) in April. Meanwhile, the preliminary harmonised CPI rose 1.1% (YoY) in April, following a 1.8% rise in the previous month.
In the US, personal spending increased 0.20% in March, while personal income advanced 0.2% in March. Separately, the pending home sales index rose 1.5% to a reading of 105.7 in March. The Federal Reserve Bank (Fed) of Dallas reported that, on a seasonally adjusted basis, the Dallas Fed manufacturing business index plunged to a reading of -15.6 in April.
In the Asian session, at GMT0300, the pair is trading at 1.3096, with the EUR trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3052, and a fall through could take it to the next support level of 1.3009. The pair is expected to find its first resistance at 1.3128, and a rise through could take it to the next resistance level of 1.3161.
Investors keenly eye Euro-zone’s unemployment data due later today, that is expected to record a rise in March, while the preliminary consumer price index data is expected to decline in April. Also, in the US the consumer confidence is forecast to register a rise in April, while Chicago purchasing managers’ index is expected to record a marginal rise in April.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
