EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.1% against the USD and closed at 1.2424.
In economic news, the Euro-zone’s seasonally adjusted construction output advanced 0.1% on a monthly basis in December, compared to a revised rise of 0.2% in the previous month. On the other hand, the region’s seasonally adjusted current account surplus narrowed to a six-month low of €29.9 billion in December, after recording a revised surplus of €35.0 billion in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2386, with the EUR trading 0.2% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2361, and a fall through could take it to the next support level of 1.2336. The pair is expected to find its first resistance at 1.2419, and a rise through could take it to the next resistance level of 1.2452.
Going ahead, investors would keep a close watch on the ZEW economic sentiment index for February, scheduled to release across the Euro-zone in a few hours. Additionally, Euro-zone’s flash consumer confidence index for February, set to release later in the day, will garner a lot of market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
