EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.28% against the USD and closed at 1.0788.
On the macro front, Euro-zone’s Sentix investor confidence index dropped to a level of -42.9 in April, compared to a level of -17.1 in the previous month. Market participants were expecting the index to fall to a level of -30.3. Separately, Germany’s seasonally adjusted factory orders fell 1.4% on a monthly basis in February, less than market forecast for a drop of 1.9% and compared to a revised rise of 4.8% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0808, with the EUR trading 0.19% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.0773, and a fall through could take it to the next support level of 1.0737. The pair is expected to find its first resistance at 1.0840, and a rise through could take it to the next resistance level of 1.0871.
Moving forward, investors would keep a close watch on Germany’s industrial production for February, slated to release in a few hours. Later in the day, the US JOLTS job openings and consumer credit, both for February along with the IBD/TIPP economic optimism for April, would keep investors on their toes.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
