EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.26% against the USD and closed at 1.1337.
On the data front, the Euro-zone’s Sentix investor confidence index jumped to a level of -2.2 in March, compared to a level of -3.7 in the prior month. Market participants had envisaged the index to rise to a level of-3.1. Moreover, the region’s producer price index (PPI) rose 3.0% on an annual basis in January, surpassing market expectations for a gain of 2.9%. In the prior month, the PPI had registered a similar rise.
In the US, data showed that the US construction spending unexpectedly fell by 0.6% on a monthly basis in December, defying market consensus for a rise of 0.2% and compared to an advance of 0.8% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.1327, with the EUR trading 0.09% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1301, and a fall through could take it to the next support level of 1.1275. The pair is expected to find its first resistance at 1.1361, and a rise through could take it to the next resistance level of 1.1395.
Going forward, traders would closely monitor the Euro-zone’s retail sales for January, along with the final Markit services PMI for February, scheduled to release across the euro bloc in a few hours. Later in the day, the Markit services PMI for February and new home sales data for December, will keep investors on their toes. Additionally, the US monthly budget statement for January, will garner significant amount of investors’ attention.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
