EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose 0.40% against the USD and closed at 1.3081.
The Euro crossed the crucial 1.30 level after Germany bounced back with some decent economic data including the trade balance. Trade balance in Germany increased to a surplus of €17.1 billion in February, from a revised €15.6 billion surplus recorded in the previous months. However, France continued to remain in gloom as trade deficit stood at €6.011 billion in February, with exports falling €35.841 billion in February, from €36.546 billion recorded in January.
Also, consumer prices in Greece fell 0.2% (YoY) in March, compared to a 0.1% increase recorded in the prior month.
In the US, NFIB business optimism index dropped to 89.5 in March, from 90.8 in February, while wholesales inventories dropped 0.3% in February, compared to a 0.8% increase in January.
In the Asian session, at GMT0300, the pair is trading at 1.3090, with the EUR trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3028, and a fall through could take it to the next support level of 1.2966. 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 1.3166.
Trading trends in the pair today are expected to be determined by industrial output data from France, Italy and Spain.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
