EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.22% against the USD and closed at 1.0747.
On the macro front, Euro-zone’s consumer confidence dropped to a level of -11.6 in March, hitting its lowest level in 5 years and compared to a level of -6.6 in the previous month.
In the US, the Chicago Fed National Activity Index rose to a level of 0.16 in February, compared to a revised level of -0.33 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.0802, with the EUR trading 0.51% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.0703, and a fall through could take it to the next support level of 1.0605. The pair is expected to find its first resistance at 1.0864, and a rise through could take it to the next resistance level of 1.0927.
Looking forward, traders would keep a watch on the Markit manufacturing and services PMIs for March, slated to release across the euro area in a few hours. Later in the day, the US Markit manufacturing and services PMIs and the Richmond Fed manufacturing index, all for March, along with new home sales data for February, will keep investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
