EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.34% against the USD and closed at 1.1199.
On Friday, data showed that the final French GDP advanced in line with market expectations by 0.3% QoQ in 4Q 2015. In the prior quarter, the nation’s GDP had registered a rise of 0.3%.
Yesterday, the greenback lost ground, after US consumer spending rose marginally by 0.1% in February, increasing expectations that the Federal Reserve will remain cautious about raising interest rates this year. It had recorded a revised similar rise in the previous month. On the other hand, the nation’s pending home sales rebounded to reach a seven-month high level of 3.5% MoM in February, higher than market expectations for a rise of 1.1%. In the previous month, pending home sales had dropped by 2.5%.
On Friday, data indicated that US annualized GDP rose more-than-expected by 1.4% in 4Q 2015, compared to market expectations for an advance of 1.0%. The preliminary figure had indicated an advance of 1.0%. In the prior quarter, the annualized GDP had climbed 2.0%.
In the Asian session, at GMT0300, the pair is trading at 1.1193, with the EUR trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.1158, and a fall through could take it to the next support level of 1.1122. The pair is expected to find its first resistance at 1.1225, and a rise through could take it to the next resistance level of 1.1257.
Moving ahead, investors will look forward to the US Fed Chair, Janet Yellen’s speech, along with the nation’s consumer confidence index data, due later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
