EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.30% against the USD and closed at 1.0821.
On the macro front, Euro-zone’s consumer confidence dropped to a level of -22.7 in April, more than market forecast for a fall to a level of -19.5 and compared to a reading of -11.6 in the prior month.
In the US, the MBA mortgage applications fell 0.3% on a weekly basis in the week ended 17 March 2020, compared to a rise of 7.3% in the previous month. Meanwhile, the housing price index rose 0.7% on a monthly basis in February, surpassing market expectations for a rise of 0.3%. In the previous month, the index had recorded an advance of 0.5%.
In the Asian session, at GMT0300, the pair is trading at 1.0811, with the EUR trading 0.09% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.0781, and a fall through could take it to the next support level of 1.0751. The pair is expected to find its first resistance at 1.0863, and a rise through could take it to the next resistance level of 1.0915.
Moving ahead, traders would keep a watch on the Markit manufacturing and services PMIs for April, slated to release across the euro area. Additionally, Germany’s Gfk consumer confidence survey for May, would garner significant amount of investor attention. In the US, the Markit manufacturing and services PMIs for April and new home sales data for March along with the US initial jobless claims, would keep investors on their toes.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
