EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.17% against the USD and closed at 1.1435.
On the data front, the Euro-zone’s Sentix investor confidence index dropped to a level of -3.7 in February, marking its lowest level in 4 years and compared to a level of -1.5 in the previous month. Meanwhile, the region’s producer price index (PPI) advanced 3.0% on a yearly basis in December, slightly lower than market expectations for a rise of 3.1%. The PPI had registered a gain of 4.0% in the prior month.
In the US data indicated that the US final durable goods orders rebounded 0.7% on a monthly basis in November, undershooting market consensus for an advance of 1.5%. In the previous month, durable goods orders had recorded a fall of 4.3%, while preliminary figures had indicated a gain of 0.8%. Moreover, factory orders unexpectedly slid 0.6% on a monthly basis in November, following a drop of 2.1% in the preceding month. Market participants had envisaged factory orders to register an increase of 0.3%.
In the Asian session, at GMT0400, the pair is trading at 1.1434, with the EUR trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1421, and a fall through could take it to the next support level of 1.1408. The pair is expected to find its first resistance at 1.1451, and a rise through could take it to the next resistance level of 1.1468.
Moving ahead, investors would closely monitor the Euro-zone’s retail sales for December, set to release in a few hours along with the Markit services PMI for January, scheduled to release across the euro bloc. Later in the day, the US Markit services PMI for January, will pique 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.
