EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.17% against the USD and closed at 1.0793.
On the economic front, the Euro-zone’s seasonally adjusted current account surplus narrowed to a twelve-month low level of €24.1 billion in January, amid weaker exports and following a revised surplus of €30.8 billion in the previous month.
In economic news, existing home sales in the US dropped more-than-expected by 3.7% on a monthly basis, to a level of 5.48 million in February, after jumping to a decade high level of 5.69 million in the prior month, as tight inventory and rising home prices muted purchases. Markets expected existing home sales to ease to a level of 5.55 million. Additionally, the nation’s house price index remained flat on a monthly basis in January, compared to an advance of 0.4% in the prior month, whereas investors had envisaged the index to climb 0.4%. Further, the nation’s MBA mortgage applications fell 2.7% in the week ended 17 March 2017, after registering a rise of 3.1% in the previous week.
In the Asian session, at GMT0400, the pair is trading at 1.0790, with the EUR trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.0768, and a fall through could take it to the next support level of 1.0745. The pair is expected to find its first resistance at 1.0819, and a rise through could take it to the next resistance level of 1.0847.
Going ahead, market participants look forward to the ECB’s economic bulletin report and Germany’s GfK consumer confidence index for April, slated to release in a few hours, along with the Euro-zone’s flash consumer confidence index for March, slated to release later in the day. Moreover, the US weekly jobless claims data and a speech from the Federal Reserve Chair, Janet Yellen, will keep investors on their toes.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
